It's bad news. But, it takes quite a while to be terminal.
Eventually the cam and rocker go bad as well, because of uneven wear on those parts. I have reused some worn parts after fixing the cam cover, so far so good. Certainly the sooner it is addressed, the better, to a wear point. Then it doesn't matter, as the parts will have to be replaced anyway. Can't really tell from the outside.
It can all be fixed with the engine in the frame, though. With parts on hand, 2-3 hours work.
Cheers,