Yes, it is a useful guide for determining how good your exposure and development ended up. It does not have to be adhered to in any way. I'll be damned if many of the great photos in history were not printed from less-than-technically-ideal negs. If you are not fairly close to your desired work print with the edges black like Gary described, it just means your exposure is less than ideal. If the contrast is way off across the board, it means you should tinker with your development a bit so you have easier-to-print negs next time.
When doing contact sheets, I always do one that prints the edges to a black tone on a grade 3 paper (normal for me; most use grade 2 as normal, though) or a VC paper with a 2-1/2 filter, so I have a rough idea of my exposures and contrast when looking at the contact sheet. Then, if exposure and/or contrast are so far off that I don't have a great idea of what the compositions are, I will print another one trying to get the pix to look better.