Of course it does. For me, it does not only impact the learning, but also the job and chances to get lover. Lazy eye is also name as amblyopia, referring to diminished vision in one or both eyes. It is not the same with myopia or hyperopia. It can't be corrected with glasses or contact lenses. Amblyopia occurs if the children have strabismus, the two eyes don't line up properly. The brain might be dependent on the good eye so that it has to take the vision responsibility all the time while the other eye is ignored, which will become totally useless finally. Although children can see as well as other normal children, it could still be very embarrassing to have misalignment of two eyes. It can be very noticeable if children have amblyopia that the two eyes point at different direction, either inward or outward. And if you left this condition with no treatment for long term, the other eye would be blind ultimately. For small kids, corrective glasses and patching work effectively to treat amblyopia. I think you should take your child to an eye specialist right now to see if it works. Otherwise, surgery is needed.