If the hole is just in the outer shell it will not stop the microwave from functioning.
I would urge caution as now the microwave radiation can leak out. Oh my I used the radiation word.
A light bulb radiates light , the radiation from a microwave is similar to radio waves that are all around us but the microwave ovens are normally between 1.3-2.5Ghz this energy travels in a straight line a pice of metal can be placed over the hole to make sure nothing gets out that could be a fire hazard or affect a pace maker or even damage other electronic devices. The last possibility is getting hit in an eye it would start cooking the eye just like an egg, so it is not safe to use a microwave with a hole in the case for these reasons. covering the hole with metal will eliminate the risks described.
Will this affect functionality in any way?... that cannot be answered here ... a physical examination is required – jsotola Jun 28 '22 at 01:36