Yes, it depends on your reactants and their B.P.s. According to Conquering Chem, we should maintain a constant temperature somewhat under the BP of the more volatile one. (lower BP). This is commonly of the alcohol.
However, (tricky) when I did the esterification, I let them boil vehemently (the teacher didn't know) and ended up having the highest yield of ester. Don't bother trying to use waterbath. You know that its heat capacity is 4.18 and basically by the time you reach the temperature you need for the distillation flask, water already consumes most of the heat!