bushing damage
Cleaning this area is also critical. A dirty bushing that is impacted on the hammer side with shooting debris, dust and residue will certainly sustain added wear and tear.....and this dirt can contribute added wear to the hammer nose and or frame mounted f. pin as well. Dirt and debris here can also cause misfires and light primer strikes.
Take a look down inside the hammer frame cut at the back of the bushing (or pin) to check for dirt and debris. Use a good light and a magnifier. This area should be periodically and thoroughly cleaned with solvent and a brush, then flushed or blown out with compressed air. Cleaning the firing pin, channel and spring, on guns fitted with the frame mounted pins is also a good idea as this enclosed area can get dirty from regular use.
Also, make sure that the hammer nose or the frame mounted pin, depending on the model, is freely moving. These parts can get "gummy" from old lubricants and dirt.
If you have evidence of "peening" around the edge of the hole in the breech face on the older models fitted with hammer mounted noses, installing a spring loaded hammer nose will often eliminate or, at least mitigate this problem.
As to the OP's question, the bushing's obvious purpose is to support and protect the integrity of the primer. An otherwise properly fit bushing that has a visible excessive gap between the hole itself and the protruding nose or pin, or shows evidence of allowing properly seated factory primers to bulge would be a candidate for a replacement. Primer cup deformation or perforation can cause the gun to lock up, and the escaping gasses and particles can pose a danger to the shooter as well.
Replacement of a defective or worn bushing requires several special tools, including a staking rod with a spring loaded centering pin. (see photo)