Noob Question

Yes.

If you're buying new then it has some pre-applied.

It's up to you if you want to get some more in case you need to refit the water block/pump.
 
The block/pump is the part that fits on top of the CPU.

With a new one thermal paste is already applied.

If you need to remove the block/pump for any reason then you'll need to clean off the old thermal paste and apply new.
 
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