Yeah, that's a compression fracture, but there's other stuff going on in that area too.
Behind the NEXT lam, the glue line/joint looks suspect, like the pieces weren't mated perfectly or clamped sufficiently. Also in the second lam it looks like it is broken or something because I see a crack on both edges... one of which, on the side with the heavy glue line, is in perfect line with where the compression fracture wraps around the side of the bow.... and in fact, this may be where the failure originated.
In other words, grinding off just the belly lam may not be enough. You may have to grind off the next as well.