The short answer is, Yes! There is no possible way you can have the precision of control of the blade face to get get high level spin when both your thumb and your index finger are on the handle and not touching the blade face. You also cannot hold for most high level serves and get back to that grip from a serve grip.
You could drive and smash with that grip. But because you are not using the index finger and thumb to hold and control the blade face, you also will not feel the same kinds of feedback to control the blade face with that grip.
There are many variations. But the key detail is that the index finger pressing on the BH side controls the blade face on the FH. The thumb pressing on the FH side controls the blade face on BH. These also give your shot more power. Holding the blade face between the index finger and thumb allows you to soften the grip on the blade face when someone gives you a heavy heavy spin to deaden the spin and absorb some of the power from the shot. Tightening the pressure between index finger and thumb on contact can make heavy topspin even heavier. Softening the grip pressure between index finger and thumb on contact can let you hit a shot that looks like it will be heavy while actually having less spin.
I can't really imagine you could get some of the subtlety of how precise you can touch the ball when you are really controlling the blade face. And all you really need to hold the racket is those two fingers. When you serve you remove the other fingers. At least if you do a pendulum or reverse pendulum. I can hit FHs pretty decently with the middle, ring and pinky fingers off the handle like in the second photo.
In the end, you do what you want. There are always exceptions to the rules. But I have a feeling there is a lot of stuff you would end up realizing about the game if you were able to switch that you may never have access to feeling and understanding with the grip you are using.