The native APIs are the "real" operating system APIs. The .NET library is (with few exceptions) nothing more than a fancy wrapper around them. So yes, I'd say that anybody who can understand .NET with all its complexity, can understand relatively mundane things like talking to the API without the benefit of a middle-man.
Just try to do DLL Injection from managed code. It can't be done. You will be forced to write native code for this, for windowing tweaks, for real subclassing, and a dozen other things.
So yes: you should (must) know both.
Edit: even if you plan to use P/Invoke.