Whether it is on or off, fuel goes through. I can run my bike in the off position. So because of this, fuel can freely go through when the engine is off and I can't do anything about it. Will this hurt my bike or is it fine?
You should get a shut off valve that will shut off cause if your floats ever stick or sink you can fill your engine with raw fuel. I personally would replace it with a better quality valve.
When I get to this point I will be finding the thread specs for mine so I can get a tractor or automotive grade valve.
Auto part stores and small engine supplier and even home depot has in line fuel shut offs for a really quick easy fix, just cut the line and stick it in there and you're good.