Not necessarily. The Suns have Eric Bledsoe under contract for the next two seasons and Brandon Knight for the next three seasons.
It would be fair to say that Bledsoe has had his injury woes, but in 66 games last season he averaged 21 points and 6 assists per game, his free throw shooting was up, his field goal and 3 point percentage was around his career average. When he's healthy, him and Booker are a fairly potent back court.
Knight moved into a bench role last season, but it was only the season before when he was averaging 19.6 points per game and 5.1 assists. He's never been a big time assist guy, he's always tended to be more of a scoring point guard. Is he a star point guard? No, but he's useful enough to be a starter when needed and adds a punch off the bench.
So there is no dire need for the Suns to go for a point guard. They are currently in a position where they can draft the best player and/or fit for their roster because they have a fairly young starting line up: Bledsoe (27), Booker (20), Warren (23), Chriss (19), Len (23). I suppose an argument can be made for them to draft a point guard and to trade Bledsoe and/or Knight for assets, another first round pick could grad them an upgrade at center. But at the same time when he's healthy Bledsoe is a borderline all star, so they might feel they are better off taking one of the small forwards and upgrading that position, or drafting Isaac and having him compete with Chriss. I don't see the Suns and Fox as inevitable.
I wouldn't be against seeing us use our two first round picks to trade up to three to draft Ball if the Lakers select Fox and the Celtics select Fultz, or even moving up to secure our guy. I know having two top ten picks is appealing, and the first of those picks should land us a piece to the puzzle, but second of those picks might only land us a talent that might not get much playing time and could be considered as fairly lacklustre (e.g. Zach Collins, Jarrett Allen). So if the opportunity presented itself to move up to get Ball at three, or whichever player we rate as the next best available, then I would be in favor of that if we believed that player is going to be a star. Otherwise stay put and grab two young talents and hope we get lucky.
In regards to having four rookies and struggling to find minutes for them, well, I wouldn't be too concerned about that. The second round pick will most likely end up in the D-League, and Bogdanovic might not even come over, and if he does he will be fighting to stay relevant without any additions in the draft because we have Buddy, Malachi, Afflalo, Temple, and McLemore vying for minutes at the position(s) he plays. So I guess if the opportunity to consolidate to get a better player presents itself then we should go for it, but at the same time I wouldn't be too concerned about Bogdanovic and a second round pick because both are likely trade fodder unless we manage to hit lucky in the second round like the Nuggets did with Jokic.