The MSRT is a once a month Microsoft product that scans your computer for malicious software—including Blaster, Sasser, and Mydoom—and helps remove any infection found. It basically functions as any other on-demand scanning tool such as
Malwarebytes. So to answer your specific question, "Is it necessary to install this update?", the answer is no. Just as it's not necessary to install Malwarebytes.
If you choose to run the tool it can be downloaded separately from one of three Microsoft sites: Windows Updates, Microsoft Updates, and the Microsoft Download Center.
Malicious Software Removal Tool | Protect Your Computer