I had a bird that showed distressed breathing like that after a predator attack. She had a punctured air sac that was bleeding air under her skin. She had labored breathing and a crinkly/popping noise (almost like the sound of cellophane being crushed) when she breathed. Unfortunately, my bird succumbed to her injuries about a week later when her lung collapsed. If your bird's issue is congenital he may live a bit longer. I doubt he will live a full life span, though. That kind of labored breathing cannot be maintained indefinitely. His heart will not withstand it.
I had another bird/chick injured during shipping from a hatchery. She arrived with a blown air sac, popping with every breath and puffed up like a balloon. I got her cleaned up pretty quickly, so I thought, but she succumbed to her problem 4 months later. I thought she was well healed and on the road to recovery. Again though, the breathing issue here was related to an injury, not a defect. A defect may be more of a long term problem than an emergent issue.
So, my advice is to enjoy him while he is around, but don't hold out too much hope for a long life expectancy. Good luck with him.