Oh, you'd be surprised.
This might sound like a bad idea, but it's not. Get a small flat head screwdriver or some pointy punch tool and poke into the bubble. You want to see if it is merely surface rust, or if, as other suggest, the rot is starting from the back.
I had both fender with similar type rust bubbles that you appear to be describing. One ended up poking all the way through. After cutting out a small piece, it was smart I did because the rot behind the fender brace was pretty bad. I was able to clean it out, spray some rust encapsulator on it, and then weld in a new small piece of metal. The other fender ended up just being surface rust. As I was sanding down the whole car to bare metal, that was the process with that one. Needed no work.
And honestly, just weld in a new patch. Half-assing it just doesn't make any sense. I'm sure you can find someone local who can weld in a couple of small patch pieces for you if you can't do it. From there you grind down the welds, and then throw a very thin layer of filler over it to smooth it all out.