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It’s pretty noticeable, to the point I’d rather have it replaced than spend more time doing hub services in a few months. Actually, would this 2mm off centre wobble affect the load on the bearings, spokes, rim? Its noticeable but I don’t want to sink much more time into it, unless it means leaving my MIL with a subpar wheel that will break down. I can’t say for certain without my glasses but it all looks built symmetrical enough, except it’s not.
After they assemble wheels they use a machine (or human) to adjust the spokes until the rim doesn't wobble. If the hub were manufactured out of true - and it sounds like it was - it would be cancelled out by the spoke truing.
Probably still rideable. Depends how bad and it is and how much you care how it looks.