Ever since Kawaki was introduced and added to Team 7, Mitsuki has felt more like a third wheel in Boruto. This has been especially apparent in the manga, as the last few chapters have diverted away from Team 7 as a unit and focused more on Boruto and Kawaki separately.
In spite of that, he has a great degree of untapped potential and may end up being one of the story's most important characters as time goes on. From his increasing power to his coming to terms with his origins and parentage, here's what can be expected from Mitsuki going forward.
Improving His Powers
Mitsuki is a synthetic clone of Orochimaru, who treats him like a son, and therefore shares many of the same powers as him. These includie the ability to manipulate snakes, stretch various parts of his body, and a mastery of the Wind Style: Immense Breakthrough Jutsu. That said, there are some key differences in the way they fight. Firstly, Mitsuki differs from Orochimaru in his frequent use of Lightning-Style Jutsu, which he uses just as if not more often than Wind Style. Mitsuki also seems to lack Orochimaru's near-instant regenerative capabilities (although he can regenerate over a longer period of time), and his ability to transform into a snake-like form. That said, his power far exceeds his rank as a Genin, with him only failing the most Chunin Exams because he didn't make it to the venue in time.
The best indication for Mitsuki's power is in his ability to use Sage Mode, which increases his power and speed drastically. Unfortunately, Mitsuki has not yet mastered the technique, and it puts a massive strain on his body, to the point that Orochimaru has warned him not to use it. When using Sage Mode however, Mitsuki was fast enough to steal a key from Orochimaru before he noticed and escape from Deepa, an inner of Kara. In the future, Mitsuki's power will probably increase exponentially, and he may end up figuring out a way to use Sage Mode without risking his health. His regenerative abilities may also increase to more resemble Orochimaru's. If he manages to achieve near-immortality like his father as well as master Sage Mode, Mitsuki may become one of the most powerful characters in the series.
Finding His Path in Life
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Due to his artificial origin and upbringing, Mitsuki is incredibly unsure about his purpose and reason for existing, and much of his evolution as a character has been about discovering these things through his relationship with his teammates. Mitsuki's status as Orochimaru's son also makes his status as a Leaf Genin somewhat precarious, he was afraid that exposing his Sage Mode would cause him to be considered a threat by the village and that he would have to leave it. This is understandable, as Orochimaru was once the Leaf's most formidable enemy, and Naruto's decision to let him into the village is met with skepticism and consternation from the Leaf Elders and Tsunade. That said, unlike Kawaki, who is shown to be a villain in the Time Skip, Mitsuki seems unlikely at this point to abandon the village like his father once did. More aptly, he doesn't seem likely to abandon his friends, having come to care deeply about Boruto and Sarada and risking his life on multiple occasions to save theirs.
Orochimaru's ambitions in Boruto are also somewhat unclear. While he is watched by the village constantly, he aligns with them against Kara and previously against the Akatsuki. That said, his past as a villain doesn't preclude that his will may conflict with the Leaf's at some point in the future. Mitsuki would have to make a difficult choice about his own alignment in this scenario. Even if Orochimaru remains allied to the Leaf, it's unclear how much Mitsuki knows about his father's past, aside from the fact that his own position in the village is tenuous.
Similar to Sarada's lack of knowledge about Sasuke's criminal past, Mitsuki's opinion about his father and his own reason for existing may change if the extent of Orochimaru's misdeeds becomes clear to him. Although it shouldn't be the desired path, the Naruto franchise has a history of relegating once-important characters to the sidelines of history, as was the case was for Rock Lee in Naruto Shippuden. Mitsuki, who was indisputably a main character prior to Kawaki's introduction, may start to feel more like a supporting character as the series goes on, especially based on recent chapters and the fact that Boruto's new situation (being a target for sacrifice to the Divine Tree by Code) is hidden from him.
This would be a gross miscalculation by Masashi Kishimoto. Mitsuki's origin and quest for a sense of purpose make him one of Boruto's best characters, and his power is nothing to scoff at. That's nothing to say for his future potential, which may well outstrip Orochimaru and many of the series' most powerful characters. Each member of the current Team 7 has the potential for gratifying and spectacular development, and Mitsuki deserves to be a part of that journey.