Yes and no. Setting the tension "by the book" requires a tensometer, but the rule of thumb for tensioning is the ability to turn the longest run of the belt through 90', and it's usually as good as identical to the tensometer setting.
Obviously this was done as an initial setting on my bike.
I rather doubt that the shear strength of the material for any given belt is made from alters greatly over the range of tensions, if that were even possible.
Clearly the belt can't be run over or under tensioned. There's an optimum tension for the belt to operate under, and this won't be compromised in efforts to make the belt/teeth somehow last longer.
There's light load drive belts (as used in desktop printers, for instance) and high load belts as used in industrial applications, and clearly the specs can be very different.