Its all linked.
If the Cam Belt is one tooth out then yes the valves open and close at the wrong time (slightly) since the Camshaft is not quite in the right position, It also affects the Spark firing since the ECU uses cam sensor and crank sensor to know when to spark (which is at normally just before TDC to provide maximum power to force the piston down). One Tooth out on the Camshaft means the Valves will open/close fractionally off from where they should so the compression will be wrong, BUT there will still be enough compression for the engine to run.
If the Cambelt is too far out then the engine wont run as it doesn't have enough compression or enough fuel/air mix to ignite or the spark will be sent at completely the wrong time(which is why the Engine has to be timed up).
On older cars that had distributors not only did you have timing marks on the Crank and Cam, you also adjusted the Ignition timing by rotating the Distributor slightly, doing so Increased the RPM slightly or Decreased it slightly depending on which direction you turned the Dizzie....
When the Engine is properly timed up and running the spark needs to fire at a different point in order to fire the fuel mix at its maximum compression as the RPM increases or decreases, this is called ignition advance and Retard and the ECU does this Electronically. Cars with Distributors did it mechanically with a Vacuum.
So with the Camshaft slightly out the ECU tries to Compensate for it by sending the spark at a different time in order to try and make the engine run as efficiently as it can, hence the Engine appears to be running OK.
So basically the Engine will run, but it will have less power and not be as efficient as it should even tho it appears to be running OK.
On the Plus side, the 8V being a Non interference engine means that if the Valve timing is out then you wont mash anything, although long term you risk damaging both the valves and valve seats and possibly the cams on the camshaft.