Yes. Those liquid crystal thermometers are fantastic but, you have to realize that the temperature that it is measuring them on the outside of the bucket. When you have active fermentation, the temperature is actually hot here in the center of the beer. So if you are reading 74 on the outside it is likely higher inside. It is possible you will get off flavors. I did hefe where it fermented at roughly 70°. The end result was a high citrus taste. It is very possible you will end up with off flavors but they may not ruin the beer. I would absolutely let it ride and see what happens.
You need to lower those temperatures. Google and research the swamp cooler. That will be a godsend.