To what degree? If you are talking about spina bifida occulta, there will be no impact. If you are talking about cases with neurologic symptoms, it depends on whether lower nerve roots (sacral) are involved or if spinal cord is involved. People with spinal cord lesions are more susceptible to life-altering events than are those without.
Many ways. Spina bifida is a disorder in which the spine fails to form right, it ranges in severity from a simple failure for the bones to close together to the spinal cord not developing correctly. How it impacts someone's life varies by the type and also the level if there is neurological damage. If the cord is involved many of the cognitive issues may be related to increased fluid levels in the head.