The other day I found a sidewall tear smaller than that (about as long, but just a slit, not a hole). I booted it with a strip of Gorilla tape, and will continue to ride.

The tires are schwalbe marathon supreme 700x50, I paid a lotta cheddar for those things, they're over 7000miles, but I'm not about to just throw them out.

Also though, at 2" wide, I only run about 35psi in that rear tire, so I'm not too worried it might assplode.