I think probably so. It appears that too short of a screw was used and it pulled out for some reason. I would drill out the larger hole and glue a hardwood dowel in it just to be sure. Not necessarily all the way to the bottom of the screw hole either, just go past the torn up area an eighth inch or so, fill the screw hole with loctite or expoxy and then glue in the dowel. Take it easy for a few days when you do start shooting it.
They used a lot of wood in the risers on the Hunters. I would be a bit worried if I saw a hole that big in a smaller risered bow like a 59 Kodiak.