Simply having the placenta in a low lying position but not on the edge of the cervix, should not interfere with normal growth and development of the baby, especially if there's no bleeding or other health condition present. The placenta should be able to function as normally in this position. You may be scheduled for additional ultrasounds, though. Your doctor will want to keep a close eye on the position of the placenta as well as on your baby's growth.
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Honor Society of Nursing (STTI) answered
A low-lying placenta often provided adequate nutritional and oxygenation to the developing fetus. The potential harm to the fetus is from pre-term labor or vaginal bleeding. The women will be taught to self-monitor for preterm labor as well as to perform fetal activity counts, once the pregnancy reaches the third trimester. In addition the healthcare provider may order additional ultrasounds to monitor the fetus' growth as well as non-stress tests to evaluate fetal well-being.