No, you don't need to know all the meanings, and you certainly don't need to use them. Be selective, and use some common sense about meanings which you think you will NEED to use.
The best dictionaries list definitions in order of how commonly used a meaning is. If a word has a lot of unrelated meanings listed, you can be fairly sure that the last ones in the list are less important.
There is also a difference between a person's active and passive vocabulary - the words which you use, and the words which you know but don't use. Most native speakers have an enormous passive vocabulary of words and meanings that they're aware of, and a relatively small active vocabulary of language in daily use.