In my opinion, it can be restored but it is a challenge especially because of the structural splits. I have done some that were close, but not quite as bad as this one. Here is how I would do it.
Remove all of the metal and microwave it to make sure there are no living bugs. Clean it and let it dry. Re-glue (epoxy) all of the splits and put a wood patch into the missing area and shape it back up. Generally-flatten and square the sole, re-mouth it with a glued wooden patch and do the final flattening on the sole. Rework the blade. You may have to use the “ruler trick” if the pitting is severe on the back. Apply a little BLO to the wooden areas and wax them. Assemble the parts and try them out. Hopefully you could then just do a little fettling to bring it up to being a decent user. Please note that since this plane has no chip breaker that you might want to tune it for scrub work, which means more camber to the blade and an open mouth. I looks like an interesting project.