That plant does not appear to be propagating into any water more than a few inches deep.

It might be a net benefit to your pond. It certainly appears that it would be quite effective at stopping wave erosion on your shoreline. It will also take up some of the nutrients in your pond water and make less nutrients available to grow undesirable vegetation like filamentous algae.

Here is the link from TAMU for controlling arrowhead. (I am not enough of a plant guy to confirm Theo's identification.)

How to Control Arrowhead

If it only propagates as a very narrow band around your pond, then you might consider just treating it in a few spots where it interferes with your enjoyment of the pond. However, since it spreads via rhizomes and seeds it will fill back into these spots over time. You can probably develop a long-term treatment plan that will be seasonal or annual?

Good luck with your beautiful pond!