Does it really matter in the ultimate probability of winning the game? Probably not. In my mind, even if there's an infinitesimal chance of winning I call those timeouts. And beyond that, there's also the message it sends, the attitude behind it, and the feeling that your coach is willing to do anything to try to win (and just maybe the rest of the team will follow suit). Futile, in terms of making a huge difference on the scoreboard? Maybe, but I'd like to see our team go down swinging. EVERY SINGLE TIME.
And none of this covers for lack of talent or scheme, of course. But, if you don't have as much of that as you'd like, at least act like you're trying. Yes, it matters to me that he didn't call those timeouts.