Not explicitly required, but is very much recommended.
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I came up with this solution after some fiddling around with ShadPS4 on Windows. This tool is able to simply and effectively manage mod files in the game's dvdroot_ps4 folder, without the need for having separate backup files for your game rom. Hopefully in the future the devs can integrate functionality like this right into the emulator, but for now I've found this to work well. Simply unzip the program files into your Bloodborne dvdroot_ps4 folder. Then, in the new MODS folder, unzip your mods so that each mod's files are located in a named folder with the appropriate subdirectories.
For example, a correctly formatted mod folder should look something like dvdroot_ps4>MODS>Bloodborne FPS Boost 1.0>map>(etc.). You may need to manually create subdirectories in the case where some mods aren't packaged right, so carefully read the instructions on each mod's page as well.
Once you have your mod files in place, you can launch JSGME.exe and the available mods should display on the left. Click the arrow to move them to the right hand box and activate them. With trial and error you should be able to find a mix that works for you. It may also be wise to make a convenient shortcut to the exe where you launch your ShadPS4 app, for ease of access.