If it was worn down enough to be banging around (frequent clicking noise) then yes that will wear the hub bearings faster, but it's not going to ruin the hub right away, not a "rush" to avoid further damage scenario.
You don't necessarily need to replace the other side at the same time, BUT we're talking about a 24 year old vehicle. Odds are that the other side also has significant wear so I would seriously consider replacing the other side too if you get a fair price break on labor to do them both at the same time.
Similarly, unless replaced with high quality parts already, your hubs are at the age where failure shouldn't be a surprise regardless of whether you had a CV axle failure. You should definitely get a labor break on putting a new hub on the same side that you're getting the CV axle done on, though on most vehicles it is a little more labor to take a few bolts off ($10? Nothing is that cheap lol).
Problem is, if you are not DIY the labor, you could be taken to the cleaners for the parts costs at a shop (especially a dealership!!) so if not DIY I would only replace what is obviously failed.
They can test the hub for play, and you can observe whether the wheel spins freely yet tightly, no excessive play, no grinding or squealing sounds particularly when changing directions (minus whatever sound the CV was making). You can check most of that by merely jacking the wheel up and grabbing the tire with your hands to manipulate it, though (again at this age of vehicle) don't mistake ball joint or tie rod wear for hub wear.
Ultimately if this is DIY, the vehicle has some lifespan (miles and low rust) left, I would go ahead and replace both CV axles and hubs. Either way if you DIY, make sure you tighten the axle nuts to the correct torque spec, with weight on the wheel at final torque.