I am amazed why/how that fat-root exists?
Something must have happened/done when the tree was very young.
If it was me... and wanted 2 trees out of that... I would just hack
the main trunk midway between the lower main-branch and that root.
Then I'll hack the whole root-ball in some proportional manner and
re-pot the two pieces
( the one with the air-root going deeper to bury the root/branch junction).
Now being late fall; I would rather wait for very-early-spring to do the job...
Last year, I had a two branched "Y" fig-tree, with the junction just
below the soil level.
I just hacked the whole thing in half, and both parts survived.