Yes, containerized plants require repotting, and when you do so, the potting soil must be replaced. Containerized plants are able to obtain the water, soil oxygen, and minerals that they need via the potting medium. That needs to be well aerated, coarse textured, and fast draining. Most potting mediums sold today collapse after a very few months, let alone years. Though it is possible to 'build' a mixture that lasts longer, most people don't do that. Thus, annual repotting is something that is most helpful to your plants.

Since your plant sounds exceedingly root-bound, you will have to do some root pruning before replanting. If you prune away some of the root mass, you can use the same container. Otherwise, you'll need to move up to something a bit larger. Regardless, the roots will have to be cut.