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No, it can be any script (timelocks too). The main purpose is to store a script in the ledger state so that you can use it in the future (multiple times) without having to provide it in the transaction (so with a reference input). CIP-33 is a great read.
https://github.com/input-output-hk/cardano-ledger/blob/76ae29dc6f73ee4707f3cf883a8af279501d798f/eras/babbage/test-suite/cddl-files/babbage.cddl#L90
Is the script required to be the output's witnessing script or can any plutus script be provided?
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