I was able to add History tracking for Account object without adding the related list..however i cannot see the history if the related list is not added
I think you guys are answering this question in the literal sense.. If you want to actually see the history in the record, then yes you need to enable it and then add it to the page layout.
The key points here are "To enable Field History Tracking for an object", & "related list to the page layout". Field History tracking box is checked when creating a custom object. Not an available option via the related list on the page layout. So I go with B
When you enable tracking for an object, customize your page layouts to include the object’s history related list.
https://help.salesforce.com/s/articleView?id=sf.tracking_field_history_for_custom_objects.htm&type=5
Under Optional Features, select the Track Field History checkbox. Tip When you enable tracking for an object, customize your page layouts to include the object's history related list. Save your changes. Click Set History Tracking in the Custom Fields & Relationships section.
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