The current IP of your site can be found on cPanel’s main page left-hand menu.
Dedicated IP is a must if you intend to have an SSL certificate on your site. Most hosts charge an additional fee both for the dedicated IP and the SSL certificate.
Dedicated IPs are especially useful if you get a large volume of traffic on your website on a daily basis and want to increase or at least maintain your site speed while accommodating many visitors. A dedicated IP address reduces the likelihood of your site crashing under the strain of huge volumes of traffic.