S!
It might not fail in level flight, but would limit the wing's ability to withstand G-forces as the skin is damaged/torn away and having internal damage in the spars etc. Aircraft skin is a part of bearing the forces. If sitting in a plane you can see how it "buckles" in a tight turn between the rivet lines. Now if the skin is missing due damage and internal parts got hit, the movement is bigger thus allowing the wing to bend more and structural overload might make the wing snap off.
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