@Armchaircouch While I did read The Hobbit before I read the ring trilogy I only read The Hobbit once, I’ve read the trilogy multiple times, at least 7-8 times. So definitely read The Hobbit, there are stories in that book you’ll need for the trilogy, but you only need to read it once, after that you can read the trilogy as many times as you wish without rereading The Hobbit.
The Hobbit is a good book though so be sure to enjoy.