From the cropped photo and lack of description it's slightly hard to tell what we're looking at...
But assuming it's a Yamaha-style throttle/gear connector, the "cracked" bit is just the rubber/plastic cover between the outer sheath and inner cable (and appears to be entirely missing from the lower cable!). There to keep dust/muck out, so desirable to have in place to keep the cables operating smoothly for as long as possible, but not "critical" as such.
If it is such a cable, then yes, the nut should be tightened onto the black plastic connector (to the left of the picture) which connects to the gear/throttle mechanism to prevent it screwing in/out and altering the cable length.