After adopting the ASVS standard do we need to perform threat-modelling?
Threat modeling is part of this framework. See section 1.1.2:
1.1.2 Verify the use of threat modeling for every design change or sprint planning to identify threats, plan for countermeasures, facilitate appropriate risk responses, and guide security testing.
So, yes, you should be threat modelling.
If so, what value would it add assuming the security requirements determined through ASVS checklist cover the possible threats?
The value is basically in the model itself.
Compare, for example, to a system model: You have a model of your system (system model) that you can use to help understand your system, discuss your system, describe your system, etc.
Similarly, if you want to be able to understand, discuss, and describe the threats you need a model of the threats (threat model).
The value of any model (threat/system/etc) is increased by increasing the model's correspondence to the actual facts. That is, you want your model to be simple enough to discuss and write down, but you also want it to accurately capture the facts as realistically as possible.
If you are having trouble getting started, I would suggest you first create a model/diagram of your system that shows the components, data transfers, etc. And then for each component, etc, you can apply STRIDE to brainstorm threats.