Yes, towards the end of the fjords it isn't really necessary, but then it is useful in the Hall of Echoes, and you'll need it again at the end of FoV.
I never had a problem with mana in dragon form, so was never tempted by the +40% Mana dragon cuirass. Half way, or so, through the fjords I removed all dragon armour, then ran into a problem with the Hall of Echoes (difficulty bug, worked properly the next day) and re-equipped it.