I do not have a godaddy account, so I cannot answer that question.
You probably do have to set up memcache, but you need to ask the godaddy support how to do that.
I do not want to go into stating that this plugin is better; it is a different approach, which only does full page caching, nothing else. Total Cache is a different topic, it tries to handle everything, be compatible with any hosting situation; this plugin is not aiming to be a a full-blown replacement.
Super Cache is also a different question because it’s a disk cache and not a memory cache.
I’d recommend reading this and to make your own decision whether it’s more suitable for you or not:
https://haydenjames.io/best-wordpress-cache-plugin-wp-ffpc/