A fair amount of the paint and carrier you spray ends up on other surfaces other than the model you are painting. Removing as much of that particulate and vapor is always a good idea. You don't need a booth per say but you should have a way to remove the dust and fumes.
I vent mine out through using a fan which is connected to a dryer vent.
You can use a box fan, furnace filter and some cardboard and some dryer vent to create a simple and effective exhaust system cheaply. Exit it through a dryer vent as I did or through a window.