Like a river flowing around an island, there should be equal amounts of wood width to either side of the knot (combined), as there is above and below it. It appears that your limb lines run straight. I would install a hardwood plug. What I've done in the past is make a plug out of yew wood, for the yew bow. My shape was right on, with no gaps. It looked nice. In fact, this bow had two plugs. If not, a hardwood dowel would be my recommendation rather than the shavings and glue. If you're thinking survival, go with the plug. Your chances are much better.