I'd be inclined to be of the belief that in real life, turbulence resulting from airflow over/around the jagged edge would cause a lot more drag than any amount of control deflection used to compensate.
But how it "should be modeled" here is a subject that I wouldn't even begin to debate. There have been some pretty amazing (mind blowing) indidents in real life where aircraft have sustained what appear to be "impossible" levels of damage and were successfully piloted to a landing. (F-15 with only one wing for example.)