BITD we used to straighten forks in worse shape as a matter of course. But these days worries about potential liability has shops shying away from that kind of work.

If you're doing the work yourself, even the fork can be saved with some hand and eye skill. The frame is toast in one sense, but in real time may take ages to fail. The irony is that cheaper crappier bikes fare better in situations like this because the steels used are beefier and more ductile. So while they are weaker, more is used and a lower percentage of strength is lost.

So, if you're willing to put in some effort as a learning experience, you an end up with a workable beater which may last another decade.