It's perfect just the way it is....for smoking meats.
Those beetles do not always bore straight lines. Dribbling glue and stuffing a thin plug in the hole might just solv the cosmetics while internally the time bomb tick...tick...ticks away.
How bad do you need this to be a bow? If it is just another bow, go for it with the understanding that it is likely a failure in the making. If you NEED a bow, you NEED better wood.