It's nice to know that you don't need it; it's just a sideshow.
When a formal system says: "this computation halts after some number of steps", then under the default interpretation that means that after say 10000 steps the computation really halts. But in the "similar but weirdly different" reality where transfinite numbers exist the above claim can still be considered true if it runs indefinitely. One simply has to entertain the idea that "some number of steps" might mean a transfinite number of steps.
In other words, yes, we can say that the formal system lies provided we accept that what is and what isn't a lie depends on the viewpoint.
Throughout the discussion I'm making the tacit assumption that there is one standard viewpoint to which we adhere. That's the "normal" world. Numbers are finite and halting programs halt after finitely many steps. It is from this fixed viewpoint that I'm declaring certain claims to be lies. They are not lies in some grand universal sense.
I realize that the word "lie" usually also entails an accusation of deliberate deception. But that's immaterial here. Formal systems don't have intentions. They simply make claims.
It's a bit odd to think that nearly all "natural" numbers are so large that we can never calculate them, even in principle (because it would take more bits than exist in the universe). Even constructive proofs can describe calculations that could never actually be carried out. The boundary between what I might call "practical" numbers and the larger natural numbers is fuzzy (since it depends on technology), but maybe admitting transfinite numbers exist among the very large naturals would be a way of dealing with it? A way of saying "induction takes us beyond anything we can really know; here be dragons".
And similarly, there are programs that in practice would never halt (because not enough time in the universe), even though theoretically they do.
I don't suppose that's very useful, though, so nice to know it can be avoided.