It depends. Of course, it is more economical to use one image - or one image per aspect ratio, if truncating the image causes a problem.
For images like photographs, this can be perfectly acceptable, because this kind of image tends not to include pixel functions.
If we are dealing with graphic design, nevertheless - thin lines, sharp contours, ideal pixel functions - scaling can seriously degrade quality.
Consider the following example: Imagine that you want to create a custom text box with a fixed size. The text area should be surrounded by a black outline with a line width of 1px. You use retina resolution for your work, and the starting point is a screen size of 4 inches. How will the window be displayed on other screen sizes if the text box is scaled along with the screen? And how will it look on the background of the retinal display?
Non-Retina: Resolution needs to be halved. Imagine a block of 2x2 pixels in your cover - you will need to calculate it in one pixel. Our layout is only 1 pixel wide, so a 2x2 pixel block with a line through it contains two black and two white pixels. The resulting pixel without a retina will be gray. Scaling is actually a bit more complicated, but the result will be blurry, less black and a little thicker.
Scalable retina: you need to increase resolution. Imagine a device with a resolution of 1.5x 4-inch screen. The 1px line should be 1.5 pixels wide, which obviously will not work. Instead, the original 1px line will be stretched to a gray scale by two (or more) pixels, approaching the “amount of blackness" of the 1.5px line.
In any case, scaling (up or down) will make the outline blurry, thicker and less black.
The example is not perfect, since iOS allows you to define images with extensible parts that scale perfectly. For our rectangular box, this would be possible. However, this does not work for more complex works of art.
If pixel perfection is imperative, there is no way around images for each resolution or vector graphics (Quartz / SVGKit / ...)
Edit: I reproduced my example in Photoshop using bilinear scaling. It may look slightly different on the device because it may use a different scaling algorithm. But I think you get the point ...
