Yes to both. The larger bubble (about 3" in diameter) occurs directly under the board's valve. This is because we cannot have drop stiching in that area. The bubble will not spread or inhibit the perfomance of the board. It is simply cosmetic.
Your board may also have groups of tiny bubbles. This is completely normal. The layers of PVC are glued together and will commonly have small areas where dust or other small particles have settled during the manufacturing process. They too will not grow or inhibit the performance of your SUP.
How durable is an iSUP?
Can rock damage an inflatable SUP?
Are inflatable SUPs good for yoga?
Is it single chamber or are there multiple air section?
Does it come with a paddle?
Is there a D-ring on the back for a leash?
Does it come with a leash?
Is there an option to buy a shorter center fin?
Does the board come with a warranty?
Is there a repair kit with my iSUP? What's included?
What is the grey plastic wrench in my repair kit for?
Is it normal to have a big bubble on my board? What about clusters of little bubbles?
How do I fix a leaking valve?
How do I patch an iSUP?
Is the board small enough to carry on a plane?
How much are custom charges?