depends on the OS, applications, and the probability of your system to corrupt stuff.
None of my old builds have been reformatted for years, one going back to at least 1996. Just happens to be DOS/Xenix dual boot, both of which are stable.
Older drives with mechanical head positioning were prone to losing tracking, so they needed a low level format to lay down new tracks where the heads were riding. This is no longer a factor.
High level formatting checks the integrity of the media but you can do the same thing with scandisk. In fact, that is probably the better way.
Ed Fair
Give the wrong symptoms, get the wrong solutions.