Yes it's called setting all saws from hand saws, circular saws, bandsaws,chainsaw chain all have set by design.
Chain manufacturers like Stihl have literature on setting and it's importance. Hopefully Philbert will be along and put this information up.
Will a chain still cut with setting all over the place YES. Will most even notice doing that they are giving up cutting performance NO.
Think of it like raker heights all different from cutter to cutter will it still cut Yes but not what you'd call efficiently.
Hacking up a load of firewood set probably isn't of concern but if getting the most performance out of a chain set is very important.
This is set.
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