I haven't had personal experience with a cyst, however a friend of mine was pregnant with her 4th and had a pretty big cyst. It was discussed throughout her whole pregnancy that she would need a c-section (and she had had 3 normal vaginal births previously so didn't really want one). She went into labour, and gave birth completely without any issues.

6 weeks later she had to go into hospital and have the cyst taken out because it was causing her pain. It had twisted her ovary or something? So they took it out with keyhole surgery. I don't think her recovery was very long or painful - unlike what a c-section would be.

Its still early days so if it was me in your position, I wouldn't make a decision either way until way into the third trimester