It's ok for the bubble algae, but not so good for the coral. Some consider this type of algae a nuisance. I have some in my tank, but it seems to just stay put in 2 places. It has never grown on any coral, though, and that will likely block the light, and keep nutrients from getting to the coral. I have read that rabbitfish will eat it. I have a rabbitfish, but have never caught it eating any. I would pull it off of the coral, and also any that is near any coral.
David