Depends on whether your level is mounted right on your bow. If it's correct and the bubble is off, then the bow isn't plumb and the shot will be wide.

Now, some people use their level to shoot in windy conditions. In a pretty good breeze, they might lean their bow 1/4 bubble off to allow for wind drift. In a heavier breeze, they might go 1/2 bubble. But that's advanced shootology and might not be the thing to get into just now.[8D]