Yes, because if Zen Cart cannot write to the folder it cannot create debug / error logs. So if something does break (or an error occurs), you will not get any logs. The log files are vital to help narrow down causes if something does go awry (hopefully it never does).
I recommend my clients check for the presence of debug logs a semi-regular basis (or I check these if the client has a maintenance contract). Why? Because many customers may never report an issue if it occurs; Instead they just go shop somewhere else. The presence of a log is not guaranteed for all errors, but if one is present something usually needs to be fixed / updated. So this helps identify potential issues w/o waiting for a customer to report an issue.
So yeah, I would change the Zen Cart log folder as soon as possible to another location (for example "zc-logs"). Just create the folder, set the appropriate permissions, and add the files from the Zen Cart distribution's "logs" folder. Then configure Zen Cart to use the new location by altering "DIR_FS_LOGS" in the
configure.php files (both - should be full path w/o tailing slash).
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