It depends, it most likely will eventually leak, and if does then yes it could cause a major leak, and without knowing what the pressure is when it drops if the engine keeps going the results could be a ruined engine.
Also if yours relies on that as a fuel inertia switch also as mine did, then on occasion the car won't start.
You can replace it with the best OE sensor for 35-40$, for less you could go with a BWD or something, but I like AC Delco for Oil Pressure Sensors on our 3800 II'*.
They are not hard to replace, I have found an open end wrench is best used on it, as the so called sockets made for it seem to always break them, at least they break them coming out..
2006 Pontiac Grand Prix GT with SC
1996 Buick Park Ave NA