Yes, I would cut it so it does not get worse and fill it with wood filler or something like this- VinylFix Vinyl Flooring Repair Kit – https://www.homedepot.com/p/CalFlor-VinylFix-Vinyl-Flooring-Repair-Kit-FL49106CF/207197942?MERCH=REC-_-pipsem-_-303401960-_-207197942-_-N&