Here's a quick summary of the topics covered in this lesson. See links to other related lessons below!
The short answer is NO - most pro guitarists can’t read traditional music notion at ALL!
Traditional sheet music does not tell you which E to play!
But there are some sight reading things that have advantages;
Knowing where the notes are on the fretboard - reading TAB
Reading rhythms - Most TAB is bad for this, traditional notation is better
Non reading theory points have more advantages, such as;
scale/ chord theory
scale/ mode theory
Finally, at a higher level - I believe prioritising learning to improvise freely will lead to better and more fulfilment on the instrument.