I would cut that plant if it was mine. The main problem is that kink near the bottom. Looks like there is also a second thin, weak section near mid height by the 2 pieces of tape. I would cut a little below both thin sections. Let it callus up and then you have 2 new sections to plant, and I would plant them fairly deep. The base will pup just fine.

You dont want to have thin, weak sections of the column that cant support the weight properly. It isnt fun to chop up a cactus, especially once it starts getting to a decent height. But in the long run its better to address these issues now, and then provide proper care and conditions moving forward from here.

The top part looks good. That pup will grow better if you dont cut the cactus now. But after this growing season ends you may want to reconsider and cut it. Once they start to lean and there is a thin weak spot eventually the column will break, unless you prop it up forever. But best luck with whatever you decide to do. That glaucous color looks nice.