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No, the only file you need is the .prel file. All the others will be reconstructed again as needed.
Why not do a test run to verify it? Copy your .prel file to a new location and rename or move the folder/s of the other stuff temporarily. When you start the project, PE will ask where the source files are, you tell it where and Bob's your uncle! Note that there is a little box you can tick in the explorer-like window to display only exact matches of the file name PE is looking for.
PS: Sorry, if "Bob's your uncle" is unfamiliar to you: it means "there you are", "nothing to worry about", etc.
As Peter says, you will need only your PREL and your Assets.
I create a folder structure for each Project and all of my work is done there. I will Copy any Assets, like SFX files, music and artwork into their respective sub-folders (so the originals are elsewhere). The only "original" material in there is my Capture DV-AVIs from tape. When I wish to archive, I just Copy the entire Project hierarchy over to an external HDD. I'll then Delete things like the Media Cache files and the CFA and PEK files (from the Audio). Now, I do Copy my AutoSave files, but that is only as a fallback, should something become corrupt. They are small (just PRELs), but I've had to go back a couple of times. I also archive and catalog my tapes and do not ever erase and re-use these, so if I loose my Capture files, I could just re-capture again. Some lost time, but no lost footage.
I have not explored the Archive function in PE, but even in Pro, I usually just do a Windows-level Copy, rather than Project Manager.
By keeping everything in a structure with my Project, it's basically a one-button process to either Copy, or Delete, when done (except for the removal of the Media Cache, etc.).