I think the 'level' of squareness will depend on what type of work you are doing. How to square the guiderail/fence has been debated previously. I suggest you do a search. There is plenty of material. There are two school of thought. Once that uses a reference square (from machinist caliber to 5 dollar HD special, from 5" to 20" long) and one that relies primarily on test cuts (2 cut, 4 cut). Some even use a combination. I don't think there is any one method that is incorrect as long as you understand the limitation. Again plenty of discussion in older threads. I used to square the guiderail directly with the fence using a INCRA square and that worked until I wanted to get more precise work. I think part of the issue is that I needed a longer square. Now I use a slightly different method that is more work, but yields better results for me. I relies on the precise location of the 20 mm hole pattern in the MFT.
1) First I locate 2 sets of QWAS dogs on the long side of the table and butt the fence against them. I lock the fence once I got the desire alignment.
2) Technically the guiderail should now be square to the fence. I have found that this is not the case, especially if you removed the guide-rail from the swivel based since the last adjustment. Remember there is some play when you are tightening the bolts that hold the guiderail in the swivel base.
3) I locate to QWAS dogs on the short side of the table. You cannot butt the guide rail to the dogs. You can use a parallel spacer (such as a straight edge) in between the dogs and the back of the rail for alignment, or you can also use a dial caliper to measure the distance between the guide rail and the dogs.
I can get cut within 1/500" when I use the rail on the long side of the MFT (55") and make sure that I take all the play out of the rail. There are perhaps easier methods, but this one works for me so far. A few issues to consider: 1) I bought an extra 55" rail so I don't every remove the rails from the swivel bases. In essence I have a set of rails for the MFT and one for the parallel guide. 2) Straight edges are not necessarily parallel, 3) you don't need to use QWAS dogs. There are a bunch of alternatives here. Do a search on this topic as well.
Anyways, to answer your question. Reference instruments (square, straight edge, dial caliper, etc) are expensive, but all are fundamental if you are trying to setup your equipment correctly. The HD $5 will do if you are building decks. Otherwise, I suggest you invest on a few quality reference instruments.
PS. I you are only looking for 90 and 45 angle cuts, you may be better off with the parallel guides.
Cheers.