Yes, normally you do need to enable Input Echo in order to hear in-the-box software synthesizers as you play them in real time from a keyboard controller.
However, this is usually not the case when recording outboard hardware synthesizers. In that scenario, you're going to monitor the external synth directly (so as to avoid latency) and enabling Input Echo would result in a second, delayed audio signal to be heard.
There is a third scenario. If for some reason you
do want to hear the results of in-the-box processing while playing an outboard synth in real time, then you'll want to silence the synth so all you hear is what's coming out of the fx bin in your computer.
In your case, though, you don't need to hear anything. You're just looking at the oscilloscope. In that case, Input Echo is not necessary. (BTW, SPAN is another essential tool for what you're doing.)