Isn't it also used to get some sort of upgrade (weapon?) in that level, too? (It's been forever since I've played)
Seeing as the upgrade in Wheel Gator's stage is for the X-Buster, and that upgrade is needed to charge the Speed Burner, no.
Maybe you're thinking of the Heart Tank in Overdrive Ostrich's stage, Megaa. You can technically get it with the Ride Chaser, but it's much easier to just Speed Burn over there. The Sub-Tank in Magna Centipede's stage also requires it.