These pigeons are tough. I had one on my team last year after a toss it mustve hit a wire broke its leg on the band side like yours. I thought of cutting it off as well but i gave it some time. I didnt isolate the bird he stayed with the others he limped around for couple days maybe a week most? He healed up and I was able to rotate the band again freely. It was swollen like yours was as well. That bird ended being 1/3 returning back from our final 300 mile race out of what I had left on my team of 12 birds? I can't recall exactly.
That’s what I settled on and it’s looking better now. She is putting a little weight on it and the swelling has come down. Didn’t want to risk making it worse trying to cut off the band. I’ll keep watching it closely