Maybe yes, maybe not.
It really depends on what you are using it for. If it is just a visual thing, Formatting will do the job. But if the data is being pulled/pass to another program that does NOT pull over the formatting, or you are using these values in certain calculations, it could be problematic.
See, Formatting does NOT actually change the contents of what is actually stored in the cell, it just changes the visual presentation of it.
For example, enter "1234" in cell A1 (as a number). Now, change the formatting of that cell to "00000" so that it now looks like "01234".
Now, in cell B1 enter the formula: =LEN(A1), which should return the length of the entry in cell A1.
You might expect it to return 5, but it actually returns 4 (because it formulas run against the against cell value, regardless of what formatting you have selected). So that "0" which is showing is not recognized because it really isn't there.