Erm, if you only ever want one sound playing at a time, yes. Otherwise, clearly not.
I usually knock up something simple but effective with types. Every time a new sound is played it uses the channel which was set playing the longest time ago ( so it's either done by now or it's the most complete of all ) and reuse that. Done like that, it's as simple as using one channel, but with the flexibility of as many channels as you choose to use. Keep music separate from sound effects for obvious reasons. You don't want your music stopping in the middle.
I usually knock up something simple but effective with types. Every time a new sound is played it uses the channel which was set playing the longest time ago ( so it's either done by now or it's the most complete of all ) and reuse that. Done like that, it's as simple as using one channel, but with the flexibility of as many channels as you choose to use. Keep music separate from sound effects for obvious reasons. You don't want your music stopping in the middle.