Do we need to enter the values for all the field properties in order to create any field?

No, BOFC field creation page displays the field properties or column depending upon the field type.

For eg: If you are trying to create a Text Field, then Scale is disabled
If you are trying to create a Picklist, then Length is disabled

Experience it for yourself

Bulk Object Field Creator (BOFC) is a must-have tool, designed specifically for Administrators, that simplifies many of the tedious tasks of managing a complex Salesforce environment.

This tool is available on Appexchange and Click on below button to install the
latest version of BOFC

or learn more