No, you don't. I didn't even own a cellphone of any kind until I was an M-2. All you do all day as an M-1 is crash memorize a bunch of books, a few labs and anatomy lab. No patient contact and no hospital classes. I had a class in a hospital as an M-1 for one course, but it was a highly unusual case and didn't see patients. The soonest I could see anyone benefiting with having a modern cellphone would be when you rotate at hospitals where having access to some medical software could be remotely useful.
I don't own a techy cellphone. You guys would probably laugh at the cellphone I own. To begin it's in black & white and obviously has no camera or anything fancy.
I've never found the need to use a fancy cellphone (I do feel sad that because my phone has no camera I've missed out on taking a few interesting photos of clinical cases I've encountered though). I mostly use my cellphone as a phone, text messaging, clock, alarm clock, calendar, calculator and chronometer. Having a calendar and chronometer came in handy when I rotated OB/GYN and I used the chronometer in peds when I attended newborn babies to give them an APGAR score.
Save the money for something more useful like med books. By the time you're an M-3 that phone will be old fashioned anyways. I however am going to keep on using my 10 year old model.