Earphones for everyone is generally a good idea anyway. They generally need to hear themselves much more than others, while the volume of the instrument as you need it for recording might not be what they need to hear themselves.
Rock drums are really loud, so usually the drummer needs sound separation. You might get away with having just movable absorbing walls, although it's common to have the drums in a separate room, and there is another reason for that:
To make sure you don't get too much instrument bleed you typically close-mic everything. This is easy with a guitar amp and a bass amp. It's harder with drums where you often have overheads to get the crashes and such. If you do that, you'll get a lot of bleed into the overheads.
The same often goes for vocals, they are not strong enough to overcome the bleed.
This is not a huge problem if you intend to record them live and do no overdubs. Then the bleed is not a serious problem. Otherwise it might be, where you can't overdub the guitar if it bleeds into the overheads of the drums or vocals, for example.
So it's a matter of what you want, if you have separate rooms, how good the band is, and how you record things. I've personally not recorded much in a high-end studio with multiple rooms, and therefore tended to record each instrument separately. In one case I've recorded the whole band in one go except vocals.