To complete a long course triathlon it isn’t compulsory to but is highly recommended to use a time trial bike.
A time trial bike allows the rider to be in a more aggressive and aerodynamic position allowing for better economy, for less effort exerted.
In other words, allowing the athlete to travel faster and further with less physical effort during the bike leg.
However most triathletes aren’t exceedingly wealthy and / or sponsored as professionals therefore it isn’t very viable to have 2 different bikes; one for time trials and one for road riding.
There is but an alternative.
Invest in a good road bike but make adjustments to it to allow the rider to assume a time trial position.
I recently completed a long course triathlon (Cairns full Ironman) and had my bike setup for the precisely mentioned arrangement.
Though after having a little rest from extensive training I have adjusted back the bike to allow versatility in my road riding sessions.
The two photos detail this:
BEFORE
AFTER