Hey Ivan!
That depends also on how happy you are with that thickness, I have no experience with baobab, but I would like to thicken a bit more, so I would keep it high for now, and up pot it for a while to thicken a bit more, then, yes, I would chop it back (or do an airlayering not to waste the top of it...
If you're happy with that thickness, or want to work on that later, go for it, either way, I would consider a bigger pot for a while so it can develop better ramification on the lower (future canopy) part better, that also helps closing the scar.
I would cut on the red or the orange line, after your airlayering succeed if that's what you're aiming for.
Cheers!