LittleDingus
Omono
Is this guy a goner? For what it's worth, I'm getting a refund from the seller because he sold it as a bald cypress.
I doubt it. They are very resilient. I routinely let my dawn redwoods sit in a couple of inches of water for days. Not the same as full submersion...but they can take it as long as they can dry out some from time to time. There are some healthy roots on the right there...and the big one in front still looks fine. Can't see what's going on under the soil though

Personally, I'd try to get it somewhere with some air flow to dry out the soil some. Don't let it dry completely if you can avoid it...but it looks pretty soggy at the moment. It looks like it's in a plastic pot inside a clay pot? Is the clay pot temporary for stability? The outer container that was used for submersion? You might pull it out of that outer pot for a day or two to help get air into that soil ball. Heck...I've even lain smaller trees like this fully on their sides for a day after heavy rains to help get air through the pot when I used to use more organic/soggy mixes.
By the looks of the picture, I think the split is probably due to swelling of the trunk faster than the bark/cambium layer can keep up. Basically, I think the sap wood under the bark is now "water logged" and swollen from sitting in so much water and that swelling is what split the bark. If that's the case, the swelling might shrink back after a few days now that it is not submerged and close that gap some. It should heal as the tree grows. There may be a noticeable scar for a few years...there may not be. Might depend on if there is a branch on that "chord" to help drive healing.
NOTE: I'm arguing to dry up the soil because it still looks water logged. That may be the picture...you're in a better position to tell. I would NOT allow the soil to dry out completely. If you're a gardener, I'd aim for friable soil and then resume normal waterings.
How does the top look? Anything yellowing or looking weepy?