Q.Is there any hope for my magnolia tree?
I have a magnolia tree that has been damaged by frost. About half of the tree is dead and half is blooming. Also the bark is cracking open. Is there any hope of it coming back or should we just have it cut down. It was my favorite tree, it was beautiful before the frost hit it.

You can check the branches to see if they are alive. Live branches will bend and dead branches will snap off.
Scratch the bark of the tree, live tree will appear green under the bark.
https://www.gardeningknowhow.com/ornamental/trees/tgen/tree-scratch-test.htm
When you determine what is still alive, you can then access if you want to give the tree another season or remove it.
https://www.gardeningknowhow.com/ornamental/trees/magnolia/pruning-magnolia-trees.htm