Topic on Talk:The big list of third-party DRM on Steam
The answer is maybe.
It mostly depends on how you see the neverending issue over which rights (those a DRM supposedly limits) user even has.
Hoping you aren't part of the extremist camp (for which no matter what, superfluous software is always a constraint) I guess the only thing GFWL local profile is still limiting is mod-ability.
Only if you don't think so then (and presuming you don't need even once to go online for instance) for as much GFWL-itself is still required we might consider it[s DRM part] inert.