Can somebody please let me know is there any problem that this error can cause if we don't apply any fix to it.
Please let me know.
It depends on what the root cause of the 333s is. It can indicate a failing IO system (disk, controller, etc) and that will be a problem if you don't fix it. It can indicate a buggy filter driver, and that may or may not cause other problems.
One problem that the 333s cause is excessive filling of the System log - when I've seen it, it writes something like 5 entries a second. You lose your history real quick in a sea of noise if you have to troubleshoot an actual problem.