Not necessarily. I think the 240 and 260's only had them on the autos, but the '75 280 had them on all of them, I'm pretty sure. Mine has it as well, and one of the wires is broken off as well. I have run over the wiring diagram several times and figured out what is going on. This sensor is used to control the timing when the engine is cold. The distributor has two coils, one normal, and one advanced. The senser you spoke of determines which of these coils is used. When the engine is cold, it advances the timing to burn the cold, rich air/fuel mixture more completely. I'm pretty sure that the wires being broken disables this advancing, so you should be fine. Just set your timing where it needs to be, and don't worry about it.
If you do happen to find a source for this sensor, let me know, as I would love to get one to replace my broken one.
Gene