That may not be as bad as it looks. The fuselage separated at what we call a "join ring" between two major sections. The sketch below shows where these sections go together on most traditional aluminum commercial aircraft. I'm not familiar with 757 specific body section numbers, but if that were a twin aisle aircraft like I used to fly around and fix, the section numbers would be "41 section" for the cockpit, "42 section" from the back of the cockpit to the leading edge, "44 section" from leading to trailing edge (shown in blue), "46 section" from trailing edge to empennage, and "48 section" holding the empennage.
So, this thing separated between the 44 and 46 sections, right on the join ring. Not surprising with it side loaded and bouncing like that. And, believe it or not, entirely repairable. Just depends on the value of the aircraft, cost of repair, and the insurance company. Just like your car.
One factor that does not come into play with your car, however, is availability of a replacement, and schedule commitments. Airlines will often pay the difference between the value assigned by their insurance carrier just to get it back in the air to meet those commitments. Maybe not at this time, with lots of airplanes parked, which may decide its fate. It is, however, entirely repairable from a purely mechanical perspective.