As an aside, it was not really a ship, it was a barge with the superstructure added for looks and functionality.
Yes, it probably did break in half.
That does seem to be the consensus... Broke in half because of a "perfect storm" combination of reasons. There's speculation too that EF scraped the nearby shoal that wasn't quite mapped perfectly.
We'll never know, and it doesn't matter because it wouldn't bring those young men back if we did. IMO the Captain's last words, "We're holding our own" was because he knew they were going down and he didn't want to say the truth where the crew could hear it... maybe it was quick for them. RIP.
Lightfoot's song is a classic "in his style", IMO. Look at how many still talk about it...