The impact would be huge. For one, all of Naruto's friends like Sasuke and Sakura would be devastated. Their whole world view which was centered around Naruto's positive influence would be shattered. Also, the village of Konoha would lose its greatest hope for the future. Naruto was seen as the one to bring about change and peace, so without him, the village might descend into chaos or be more vulnerable to outside threats.
The ninja world at large would also be affected. Naruto was a symbol of unity among the different villages. His death at the hands of his parents would create a rift between Konoha and other villages. They might question the stability and values of Konoha. Moreover, characters like Jiraiya who had great hopes for Naruto would be heartbroken. His death could also lead to different power struggles within Konoha as various factions try to fill the power vacuum left by Naruto.
The story would change the whole dynamic of the ninja world. Naruto's friends would be devastated. They might seek revenge on his family, which could lead to a civil war within the village or among different ninja clans. Also, the enemies of the village might see this as an opportunity to attack, thinking the village is now weak without Naruto.
In terms of the village, Minato was a highly respected Hokage. His return could bring more stability and leadership. He might also be able to help Naruto in dealing with some of the long - standing threats to the village, like the remaining members of the Akatsuki or other hidden threats. And Naruto would no longer have to carry the pain of losing his father at such a young age, which could make him an even more positive and powerful force in the village.
His friends would be devastated. Sakura, who has known Naruto for a long time, would be heartbroken. She might lose her motivation to be a strong kunoichi. Sasuke, despite his complicated relationship with Naruto, would feel a great sense of loss. He might blame himself for not being there to protect Naruto. And Kakashi would feel like he failed as a mentor. They would all have to deal with grief and at the same time, step up to protect Konoha in Naruto's absence.
The village would be in chaos. Naruto was seen as the hope for the future, so his death would leave a huge void. His friends like Sasuke and Sakura would be devastated. They might turn against Naruto's parents, leading to more conflict in the village. Also, the balance of power in the ninja world could shift as Konoha would be weakened without Naruto.
The ninja way as it is known would be completely overturned. Naruto has always represented values like friendship, hard work, and never giving up. As Sauron, he would promote values of domination and power over others. Shinobi training might change to focus more on dark arts and subjugation. Younger ninjas would be influenced by this new Naruto, and the future generations of the ninja world would be shaped in a very different and darker way.
Emotionally, Naruto would have to deal with a whole new set of family relationships. He grew up without his parents, and now having them back would be a huge adjustment. He might struggle to fit into a 'normal' family dynamic, and there could be some friction as they all get to know each other again.
On a personal level, Naruto would finally get the family he always wanted. But it might also bring some confusion and adjustment issues. His parents would be from a different time, and they'd need to adapt to the new world Naruto lives in. For example, they might be shocked by the new technology and the changes in ninja warfare.
It would also change the emotional landscape of the series. Their friends like Sakura and Kakashi would have to adjust to this new relationship. Sakura might be relieved that they are no longer at odds, and Kakashi would see a new kind of growth in his students. Moreover, their enemies would be more cautious as they would be facing two extremely powerful brothers.
In Naruto fanfiction where Naruto saves his parents, one way could be through time - travel. Maybe he discovers a jutsu that allows him to go back in time. He could then use his knowledge of future events and his already - developed skills to prevent their deaths. For example, he might be able to stop the Nine - Tails attack on the village that led to his parents' sacrifice.
In a fanfic where Naruto gets killed by Pain, it's a dark turn of events. The story would then likely focus on how the remaining characters cope. For example, Kakashi might feel a great sense of guilt for not being able to protect Naruto. Hinata would be heartbroken. Moreover, the Nine - Tails would be left without a host, which could also lead to all sorts of problems. The ninja world would lose its most prominent symbol of perseverance and friendship, and it would be a very different world from the one we know in the original Naruto story.