Will this Albo cutting make it?

This Albo was a gift and I didn’t notice the root rot until it was too late. All the roots are gone and I’ve got it sitting on a bed of damp sphagnum moss under a grow light for a few weeks now. The ends were dipped in rooting hormone and capped with wax and I haven’t had any issues with rot. I have noticed the stem starting to shrivel some and the one leaf is yellowing and dying off. I do see a growth point that hasn’t activated yet but haven’t got a clue where new roots would come from.

Is she toast or is there still a chance?