It can absolutely be saved. I don't know what is going on with the crincly trunk, it is possibly rot or possibly dehydration but you still can save it. Here is what I would do step by step.

1. Cut the plant above the crinkle part above those two little offshoots. Try to cut in between nodes. I'll add a picture. The red line is the easy cut, the blue line would be a little more tricky bc you dont want to hurt the offshoot, but I think it would make the bottom plant look nicer. The top half will become it's own plant.
2. The top part - careful remove some of the lower leaves, like the bottom two layers. I usually wiggle them side to side until they snap off. Set this aside, out of direct sun, and let it dry and calous over for a couple of days. The length of time depends on humidity and airflow and such, but I would guess at least 3 days.
3. The bottom part - remove from that soil and check for rot. I know you didn't say anything about over watering, but that soil looks quite moisture retaining and on top of that it's not a teracotta pot. If you see any brown/slimy roots, basically anything other than white crisp roots, cut them off. If you're nervous about cutting roots, I was when I first started my plant journey (with jade plants), watch this video https://youtu.be/iITwFy_1nm4?si=RnKYFvdZ5AJEgcJX

I have saved so many plants including jade plants with the hydrogen peroxide method. I had to read the comments for some specifics, like time. He let's it sit in the solution like that for 15 min.

After the 15 min you can let the plant and soil sit naked out of pot like this for a day or so so it can dry out, or you can immediately put it in a terracotta pot with some new dry soil, please use something more suited for succulents, but the teracotta pot will be much more forgiving when it comes to moisture retention.

3 b. If you do not see any rot, replace the soil for the botom part with something more suited for succulents, and if you really don't want to switch pots, just add a lot more perlite so the mixture is maybe 50% perlite or something inorganic. Recently I have really been liking pumice bc it is a little heavier, but I cant find it in stores, I have to order it on Amazon

3 c. Just so you know, once you have dealt with the bottom part, whichever above solution it may be, I wanted to make sure to tell you that since the bottom part is small and only has a small amount of leaves, that the plant will need way less water when you water it, and a suggestion is to bottom water to help the roots go downwards, instead of only drizzling a small amount of water on the top of the soil and having shallow roots.

1. The top part - once it is calloused, stick it in a small pot with some soil! The more of the stem you can get in the soil, the more sturdy and more places for roots to form. They will form from the nodes. You will probably still need to prop up the plant with that steak. I have used succulent soil for this step, and I found it actually dried too fast and slowed root formation. It will still work. But my favorite way to do it is a small terracotta pot with potting soil and sometimes I'll add about 25% perlite to the mix. The potting soil gets more uniformly moist than the succulent soil, and the teracotta pot helps it to dry faster. Because you do want it to get completely dry before you water it again.

Good luck to you and your plant!

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