Cherry eye is a breeding defect.
Depending upon how you want to fix it relates to how much it costs to fix it.
The possibilities:
If you leave it out, your dog could get dry eye
If you remove it, your dog could get dry eye
If you get it tucked, it may not stay resulting in option one or two again or repeating number three.
The best option is usually seen in trying the tuck proceedure because there is less chance of getting dry eye. This third eyelid is actually a gland that produces a majority of the tears for a dog. So, if possible you don't really want to remove it, but people often redo the tuck proceedure more than once.. A dog can actually go blind from eyes being too dry eventually, so if dry eye becomes a provlem while doing drops isn't a hard fix, you do have to be dilligent to make sure it gets done as many times as needed in a day.
If you leave it 'untucked' the eye can be damaged/inflamed/infected but you preserve some tear function. Cutting out means reducing tears dramatically.
You could also eventually pay to have a saliva duct moved into the tear duct to get some tear function back, but it's super costly. There's more than one type of tuck.. the most successful is stitching to the bone orbit of the eye. Leaving it out without enough lubrication can scratch the cornea.
It's all one big what if really.. All the options have ups and downs, I'd discuss with my vet what they thought the best option was, and why. And see that they gave me the pros and the cons in full, and weren't pushing one over the other without good reason.
Good luck to you and your fur baby.
Edit: Can't freaking spell at 3am..