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If you can see them easily thru a low power loupe (8-10x) they're likely big enough to affect the shave IME. If only visible at high powers then the shave test will tell. Some razors will shave much...

Don't know if they're pic artefacts but seems to be a few small pits to right of centre. Corrosion does seem to have compromised the steel.
I just finished an old Bismarck like this & half expect...

I've had a W&B crumble like that after the shave test. Took a few honings to find sound steel. Also a Joseph Allen wedge that never came good even after many attempts but it was badly rusted to...

Re the honing , that edge is maybe an exception to the "less is more" rule. ;)
Hopefully the steel is not that "bubbly" throughout.