Hi @devds!
If you compile the entire image after the compilation of the device tree the image generated is updated.
If you compile the image before the device tree changes I recommend creating a new yocto project to be sure that the changes in the device tree are done.
And answering the question, is not necessary to compile the kernel image again but please ensure that you are using the same version.
To flash only a new device tree you can use the command fat_write under uuu tool to flash the new device tree under the fat partition of the board.
After all, you have to update your environment variable "fdtfile" to the new name of the device tree under U-boot.
Best Regards!
Chavira