Only two years old, it should not have failed.
That said, a good welder properly grinding and filleting can most likely make it stronger and look better than new. Some care with paint, and no one would be able to tell that a repair had been made. Not every flaw needs to be a fatal flaw. If it were mine, I would fix it and enjoy my tractor for years to come.
My 1700 and loader are 30 years old. Starts just a little hard, drips some oil, has been repaired and welded many times over the years and could use some fresh paint. I bought it new about '80 - it still does what I bought it to do - work hard. It lifts rocks so large the rear wheels will lift, it mows several acres of lawn regularly with a 60" 'hog and/or a 60" finish mower, and hauls full (2 1/2 to 3 tons) hay wagons in from the field after raking it. It spends a couple weeks a year wallowing in axle deep muck cleaning the manure pit. She works for a living and has earned her keep. A repair here or there is a whole lot cheaper than payments.
Like the first parking lot door ding on your new car, the first break, crack or bend on your tractor is always the worst.
THE LAST THING I would do is get pi55ed and trade it in at a give-away price over a couple small weld cracks, as disappointing as they are. If the dealer is willing to do the repair, just be sure the welding guy is a certified welder. Just my thoughts.
It actually sounds like you have a real nice machine that many of us would consider ourselves lucky to be able to afford. I'm not an envy sort of guy, but I admire your tractor. (Kindly PM me before you give it away.)
Good luck,
Bob