Yes. Because it shows you’re the same candidate as last year. The one who didn’t win an offer of appointment. If it wasn’t enough then, don’t expect it to be enough now. Show growth, evolution, improvement.
Everyone seems to have an opinion about essays and they may be used differently at each Academy, but at West Point they are used just as much to evaluate your writing ability as they are used to evaluate your story. Below is a quote from Admissions from a document that was released to guide re-applicants that were qualified the cycle before.
"Candidate Statements.
Each year the essay questions may change slightly. I recommend making a few revisions to your previous essays, but not to over emphasize this requirement. Your previous essays met our standard. Do not drag your feet on this."