Depends on the surface detail and the scale you are modeling. Some model paints (not all) have pigment ground finer than in general purpose paints. You can certainly use other paints, but it might be harder to get a really thin coat and preserve detail. On larger models, and ones with little surface detail it does not make much difference.
One club I was in had a contest where the model HAD to be painted with a locally available paint from the hardware store that was well-known for being thick and covering detail. Yet most of the models looked pretty sharp. This was a model car club, and all the finishes were glossy.