If you don't need to block entire countries from accessing your site, then No, you don't need Wordfence.
Many of our users aren't aware that 2MHost employs Imunify360 on all servers. Imunify360 is a commercial software that provides a PHP Security Layer, malware scanner (Antivirus), and Web Application Firewall (WAF) that functions like Wordfence but without slowing down your site or consuming many resources.
Keep your WordPress, along with its themes and plugins, up to date, and you can safely drop Wordfence and rely solely on Imunify360. Imunify360 is running in background and scan all website contents daily, and you can check your report in your cPanel > Imunify360. You can also scan your website on demand at any time for free.