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Cutting the bloom during times of environmental stress can help to repurpose energy to where it is needed most.

Though it may help, it will not solve the underlying problem. If this area doesn't get a chance to dry out thoroughly, between watering then this is likely the reason behind the decline of the palm.

Fixing it will, ultimately, depend on environmental factors. If there is no way to keep the soil a little on the dry side, then it may look a little on the "down" side for quite some time.

Luckily, This type of Cordyline will usually come back with the right care.

This article will help:

https://www.gardeningknowhow.com/houseplants/ti-plant/cordyline-plant-varieties.htm

According to the article below, your tree is drought tolerant, so I don't think it is absorbing all the water available to quench its thirst. Nor are its roots especially damaging.

You might try increasing its water since it can also tolerate moist soil just to see if the surrounding ground improves.

That is a lovely garden space by the way.

https://selectree.calpoly.edu/tree-detail/cordyline-australis-atropurpurea

if it gets lower than 5 C in your area, then this could very well be the cause of stunted leaves. Giving extra winter protection can help. Heavy mulching can help drastically.

This is the flower!

You may cut if off if you wish, but it is not necessary.

This article will help you to care for the plant:

https://www.gardeningknowhow.com/houseplants/ti-plant/cordyline-plant-varieties.htm

Unfortunately, your photo did not come through. I am unable to see the damage. If it is turning yellow at the bottom of the stalk, where it meets the soil, then I am likely to suspect root rot.

This will occur when the soil doesn't have a chance to dry out some between watering.

I am unable to see if it is salvageable, but you can try a fungicide.

Here are some articles that will help:

https://www.gardeningknowhow.com/garden-how-to/info/using-fungicides-in-garden.htm

https://www.gardeningknowhow.com/houseplants/ti-plant/cordyline-plant-varieties.htm

It seems that the roots were disturbed and broken, which will often lead to infection. Moving should only be done if the plant is at risk, otherwise the move is more of a risk than a benefit.

There isn't much that you can do for transplant shock. There are a few things that you can try, but this will not guarantee survival.

Here is an article that will help:

https://www.gardeningknowhow.com/plant-problems/environmental/learn-how-to-avoid-and-repair-transplant-shock-in-plants.htm