Is it important to understand hardware?

Understanding the components of computer hardware is essential in trying to troubleshoot problems. As I was dissecting a computer for the Under the Hood assignment, I learned alot about how certain components work and how they contribute to the computer running successfully. But, I am still very fuzzy on how so many of them work. When I look at the motherboard, I am completely lost as to what each little part does to make it work. There is still no way that I could repair a computer, but at least now I have a little better understanding to what the inside looks like.