Yes and No. I know, I know, but hear me out!
Yes you should buy newborn cloth diapers, they are cute, affordable, fit perfectly and you can still get 1/2 or more your money back.
No, if you're expecting a baby that's around 8 pounds or so, then I would just buy one size, use disposables for the first week or 2 and then use the OS diapers.
Emerson was fitting in OS diapers at about 8 pounds. We never had any leaks with them EVER. Still haven't to this day and he's 10.5 pounds and 1 month old now.
Yes the newborn diapers fit great, right from the beginnings. They had the stump cutout which was nice for letting it dry out and fall off. But honestly half his newborn diapers don't fit anymore. But since we had such a large rotation and none of them have stains I can get probably 3/4 of my money back and I won't be out hardly any money at all. So for me it was worth it for those aspects.
But he has outgrown quite a few of his newborn diapers as of right now. I don't reach for them nearly as much.
What newborn worked the best and longest. For us our Work At Home Mom diapers have lasted the longest. They are still fitting with ease. Our Smartipants Newborn is still working like a charm, but it's a little big on a smaller newborn. I would recommend the Wild Mountain Mommies as well. This one still has a few pounds left in it! Fuzzibunz XS is another good one. They claim 12 pounds and I'm sure that's accurate as Emerson is still easily in them!
The Rumparooz Lil Joeys were outgrown a LONG time ago. I feel they are too trim in the crotch area and they just don't fit that great. The GroVia NB AIO stopped fitting as well.
It's great to find what works for you! If you want to invest in newborn cloth then do so. Especially if you're expecting a smaller baby. Avery was 6lb 10oz and she grew slowly, so newborn would've been great for her. Emerson was 7lb 6oz and grew FAST (10.5 pounds at a month) so newborn cloth wasn't really the best option for us.
What OS worked from the beginning for us. Oh Katy, Best Bottom, GroVia AI2, and Fuzzibunz have been the best.
Use newborn or don't use newborn. Entirely up to you!