My pup had the same issue, cryptorchidism. He's 3.5 now, and we'll be having him neutered this upcoming spring. Wish we would have done it sooner, but because of a number of situations that arose it just didn't happen.
In my experience it's caused no issues. My male is very healthy, and the only difference between him and any other dog I've owned is that he has absolutely no sex drive or sexuality at all really.
Just make sure you do neuter though, I was told that with this issue if you chose not to neuter that's it's "not a matter of if cancer will develop, it's when" according to my vet. I do wish I had my boy neutered earlier, and I'm very relieved it'll be taken care of soon. Be prepared for the neuter to cost a realllllly good chunk of change though.
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