The answer is... NO!
You don't need a live streaming encoding software to embed a YouTube Live into the Personalized Learning Module, it is as simple as embedding any other video!
You can find the steps to embed videos here.
You can also embed your live videos "universally". What this means is they will be embed every time you turn them on. Just use the link below:
Just replace CHANNEL_ID with the ID of your YouTube channel and you're all set!