Hello Judith,

While you may have more than one insect species feeding on your rose leaves, the likely culprit for a majority of the damage shown in the image is the rose slug, the larval stage of the rose sawfly.  There are some control measures you can take ranging from strong streams of water to knock off the slugs, to hand-picking them off leaves, to use of insecticides. The resources below have some more information on this insect and control measures.

https://extension.illinois.edu/roses/managing-diseases-and-pests

https://www.missouribotanicalgarden.org/gardens-gardening/your-garden/help-for-the-home-gardener/advice-tips-resources/insects-pests-and-problems/insects/sawflies/rose-and-pear-slugs-sawflies

https://hort.extension.wisc.edu/articles/roseslug-sawfly/

To answer your question, I think your rose will likely recover if you are able to control the rose slugs and potentially other insects feeding on it.  The plant will put out new leaves and should be able to recover, given there are minimal additional stressors.  If the infestation is too large, they will continue to eat newly developing leaves, eventually draining the plant of energy reserves and weakening it to infection by disease or other potential issues.  

Please let me know if you have any further questions.


Regards,
Talon Becker
Illinois Extension