We recommend you consult a certified arborist who can examine the tree in person. Sometimes wood splits can be bolted back together (for stability, since they rarely would actually fuse and "heal"), though any puncture to the bark layer that injures the live tissue layer underneath may risk future wood decay or boring insect attack if the tree becomes stressed. If the arborist deems it a fall risk due to the damage, they will suggest removal, but in that event there is no reason you can't keep the downed wood (intact or chipped) on the property (if you have space for it) to use as a valuable mulch, compost additive, or landscaping element for habitat.

Miri