That squealing noise is pretty common at low engine revs,and as you turn it off, when The pump seal is on the way out. next step is bearing failure and/ or leaks so yes best to do it soon. If you have a 1994 on serpentine single belt engine, it is an easy job but be careful to watch for coolant leaks from the timing cover afterwards

as you have to remove the 4 long bolts thsat go through the timing cover and water pump, and by disturbing these the gasket can leak later.
Don't skimp on pump quality, OE or genuine aren't all that pricey, especially if you aren't payning anyone to do the job.
JC
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