The bike is toast. If the tubes are bulged, it probably handles differently because the head tube angle has changed.
I rode a bike that had similar damage for several months. Eventually, a crack develops at the bulge/wrinkle that will propagate all the way around the tube and cause a catastrophic failure. One day I was riding about 15 miles from home when I noticed the bike felt really loose. I looked down and the down tube had cracked and was held by less than 1/2 inch of metal. I'm convinced if I had ridden another 5 minutes, the frame would have completely broken and I would have done a face plant.
A friend came and picked me up.
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Il faut de l'audace, encore de l'audace, toujours de l'audace
1980 3Rensho-- 1975 Raleigh Sprite 3spd
1990s Raleigh M20 MTB--2007 Windsor Hour (track)
1988 Ducati 750 F1