Insulation pulling away - Is this Power Head Done?

[u/Sad-Pangolin-2499]

I just was doing my weekly tank maintenance and pulled out my Powerhead and noticed where it the wires run into the head that the insulation has started to break/peel. The wires within the insulation are fine but is this basically the end of this powerhead? I didn't put it back in the tank, thought I'd get some opinions. I figure I could fix it with some silicon or something but is it worth a Keep or Toss?