Lots of kids suffer worse deprivations than having one parent in jail. Life is tough, but these kids probably have a better than average shot at a good life.
They'll be raised by a wealthy family with every material advantage in life. Some estimates have it that around 1 in 8 children in America go hungry at some point in their childhoods. So even if these kids are just fed regularly, that puts them ahead of millions of children.
The child did not lose a mother, if he/she never had one. Also she'll be out around the time the child will start elementary school. So yes the child will still be in a better spot than 99% of all children in single family households and probably than almost all in low income ones as well.