Yes, if that thing fails, you are stopped dead in place until you find a replacement. And it probably would not be a bad idea to carry a spare o-ring for it too.
I'm not sure this is the OP's problem because if you get air in the lines the engine will not start or run. But I suppose it's possible that an o-ring somewhere has a very slight leak and allowing a little air to enter. I would remove the filter and clean all gaskets/o-rings in clean diesel, then re-assemble and see if the problem goes away before doing much else. Same for the bleeder o-ring. Also possible the top gasket is twisted out of place somehow. Also check the mating between the filter and the bottom half water container.
These filters aren't he easiest to re-attach to the engine so it's easy for something to go wrong. I once had a real nice diesel leak due to the DEALER replacing the filter incorrectly. Didn't even get 3 blocks before the smell of diesel overwhelmed me.
One thing I've learned - When something goes wrong it's usually a problem with whatever maintenance was done most recently.
Tim