That panel serves two functions. It has some vents at the bottom of the panel that allow water from the bottom level of the tank to enter and travel up thought a channel between the panel and the overflow that you see there. Without it water will only enter the overflow from surface level. Theoretically having the panel could help circulate the water a little better, but I’m not sure it’s absolutely necessary. Not all tanks have that sort of thing anyway.
It also has the teeth for the overflow. Without the teeth it would be much easier for a wayward fish or snail or starfish or something to enter the overflow. I believe that it would also raise the level of the overflow by at least a little, so your water level will probably be 1/4 or 1/2 of an inch lower than it would be if you had the panel.
It does provide some benefits, but It’s not absolutely necessary for the overflow to function. I think the lack of teeth would be your biggest concern, but you might be able to use something else to prevent things from entering the overflow.