A family of Microsoft word processing software products for creating web, email, and print documents.
Yes, it's a good practice to follow. It often doesn't make any difference, especially if the objects are small, but always doing it forms a good habit.
VBA *should* clear all local variables (those whose Dim statements appear inside a procedure) from memory as the procedure ends, but I'm not sure that always happens for object variables. The difference is that scalar (non-object) variables are stored at addresses within the procedure's stack, but object variables are stored on the "heap" and then referenced by a pointer. Clearing the stack is easy, but cleaning up the heap is harder.