The subject of tire covers is no different than pretty well anything else we can discuss here on an RV forum - some think they're absolutely necessary, others think they're a total waste of $$. My trailers have always sat parked with the curb side tires exposed all day to the sun, the street side always in the shade, so I cover the curb side with some spare Reflectix I had in the workshop but don't bother with the street side. I can't say definitively it makes any difference but it didn't cost me anything so why not? :W
I also cover the entire tongue to prevent sun fade and as can be seen in this pic the cover which originally was black but is now a faded purple colour takes the brunt.
I'd cover the entire trailer with my winter ADCO cover but it's way too much work to do repeatedly during the camping season so the best I can do is occasionally wash & wax and hope for the best. :p