Does this mean it is time to replace the drive?

Log Name: System
Source: Disk
Date: 19/02/2021 18:52:08
Event ID: 154
Task Category: None
Level: Error
Keywords: Classic
User: N/A
Computer: VM.domain.local
Description:
The IO operation at logical block address 0xb3368528 for Disk 2 (PDO name: \Device\00000057) failed due to a hardware error.
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">
<System>
<Provider Name="Disk" />
<EventID Qualifiers="49156">154</EventID>
<Level>2</Level>
<Task>0</Task>
<Keywords>0x80000000000000</Keywords>
<TimeCreated SystemTime="2021-02-19T18:52:08.643756100Z" />
<EventRecordID>1590296</EventRecordID>
<Channel>System</Channel>
<Computer>VM.domain.local</Computer>
<Security />
</System>
<EventData>
<Data>\Device\Harddisk2\DR2</Data>
<Data>0xb3368528</Data>
<Data>2</Data>
<Data>\Device\00000057</Data>
<Binary>0F01180004004000000000009A0004C000000000000000000000000000000000000000000000000000020488700004000000000A000000004400000000002D2D</Binary>
</EventData>
</Event>