No don't think it's really that bad for them, otherwise it wouldn't be done at shows. Dogs do use their whiskers but having them cut off probably won't affect them as much as if you cut off a cat's whiskers.
Unless you're planning on showing your pup, I wouldn't bother. It's done purely for looks.
I love Sadie and Milo's whiskers and since neither of them are show dogs, wouldn't dream of trimming them off. I think they look cute and besides that, I'm lazy. I'd rather not trim something that doesn't need it.