The 98 Mazda 626 owners manual states the timing belt should be replaced every 105k miles, or every 60k miles if you drive in extremely cold weather (indirect source https://mazda626.net/topic/31256-timing-belt-change-interval/). (Note: I'm using miles not km)
Given the vehicles age I'm betting its safe to say you're over 105k. So if you havent had the belt replaced before then yes it is time to replace it anyways.
If you're close to a 105k interval you might as well just do it.
The thing is almost all of the cost of the timing belt change is in labor taking everything apart. The parts themselves are generally not too expensive. So if you're pulling the water pump, assuming it's on the timing belt (not sure about the 626), you can potentially save yourself a decent amount of money by doing it now even if you're not at an interval yet.
On the up side, at least according to https://mazda626.net/topic/43000-626-20-l-engines-interferencenon-interference/, the 2000 626 has a non-interference engine (the pistons and valve heads never cross into the same space). Assuming that forum thread is correct and applies to the 98, that means the risk of serious engine damage after a timing belt failure is significantly reduced. So that's something to take into account.
But really you just have to make the call based on maintenance intervals and how much money it will save you (if youre not at an interval yet just figure out the pricing on everything and make the call - ask the shop what the cost of doing both at once vs two separate jobs would be). If you're doing it yourself replace money with time.