Yes it is severly deteriorated as shown by the cracks / delamination etc.
Gates or Dayco are the only ones really, everything else is total pants.
Be sure to change the tensioner and idler pulleys at the same time, its not a lot of money.
Check the idlers with the belt of give em a spin if you hear anything replace them, the other pulleys give them a wobble much the same as checking wheel bearings on normal car.
Only takes a few miles of no belt and then potential goodby engine, so makes sense to get good ones.
Allmakes, terrafirma, bearmach all the same stuff and total garbage!