The amount by which the rim deviates doesn't look too bad but I'd be concerned by how 'quick' that deviation is, ie when the wheel is spun like that the rim seems alright then is suddenly out of place and suddenly back.
If the rim moved over slowly then slowly back I'd feel better about truing it.
You probably could true that back into place but I reckon the rim would be significantly weakened.
The amount by which the rim deviates doesn't look too bad but I'd be concerned by how 'quick' that deviation is, ie when the wheel is spun like that the rim seems alright then is suddenly out of place and suddenly back.
If the rim moved over slowly then slowly back I'd feel better about truing it.
You probably could true that back into place but I reckon the rim would be significantly weakened.