Do I need to master each stem separately?

Usually, no. Mastering is normally done on the final full mix, not on each individual stem.

If you split a song into stems, process the stems first: restore them, enhance them, adjust volume, or apply EQ. Once the stems sound balanced together, export the full stem mix. Then import that exported mix back into Neural Analog and use the Master button on the full track.

Mastering one stem is useful only when you intentionally want to process that stem by itself. It is not the same thing as mastering the entire song.

See also the recommended song-improvement workflow.