I say yes, although not with the same effort. I think of it like a zone of illumination. Things close by are highly visible. Details are lost in darkness but PCs can see the general shape of large things even in the shadows. This lets them have ideas on the larger working of the setting, often at the level of stereotypes.
Clear: the things I plan them to interact with. NPCs they will be in conflict with, political structures that will be in game, enemies, etc. I have paragraphs of notes on each clear item.
dim: "global" data like the dominant pantheon, the primary economic driver of towns/regions PCs are likely to visit (farming, mining, manufacturing, etc), where the safe lands are vs the dangerous ones, the "perennial problem" (Mongols, goths, pirates, spider-rats, etc). Also common info about regions they will visit (is there a noble/mayor/council, name of taverns, which temples exist, if there is a magic seller, presence of thief guild, etc ). I have a sentence or so on each item.
Shadowed: PCs know if they have a king vs queen vs council and a name or three. They have a sense if the government is strong/weak. PCs probably know a name associated with the "perennial problem" (Ghengis, Blackbeard, etc). They know if corruption is endemic or not. They have a sense if neighboring nations are hostile/friendly or rich/poor. This is often more of a list or outline with just 2 or 3 words in my notes. (This is often "common knowledge" and may not be actual fact, kind of like "Russia has a strong army")