I've fixed dents like that by super plugging all holes and in one plug you put a valve stem to air the pipe up to pressure and then heat the dent up red hot and it slowly comes back out to perfect, Beware though, it may take 100 psi air and why I said 'super', if you do not have those plugs retained enough one blowing out will kill somebody. In my experiments fixing pipes I blew one out to disappear some 3 blocks away. It went a good couple hundred feet in the air. BEWARE! But it WORKS, I fixed multiple dented pipes on $500 bike headers that were dented way over that to pipe collapsed and they still looked perfect when done and painted.
To answer the question, X2 the other guy, realworld the engine will never see that dent at all. The dent is near the collector, the blast down the pipe from the other side will induce a vacuum spike to help pull the exhaust past that dent like it's not there. And now your pipeset is already preclearanced to actual road conditions.
You'll be OK to drive 'normal' conditions like a daily driver. You will give up some high RPM gas flow but not likely enough to be a problem. Your second photo caused an 'adult image notification consent' on my browser - I guess the heat shield screw mounts look like something else to a computer.