No. You will likely lose some maximum performance but you are unlikely to notice it in 'normal' driving.
There's actually a third possibility. It could be a bad circuit board within the connector that attaches to the solenoid. If that's it, you will either need to find a used replacement harness, or come up with another solution. My improvised solution is in the attached link:It it now activates, your problem is either the inline fuse on the passenger fender wall or the throttle position sensor. Test those to find the culprit.