Your butterfly doesn't look too bad, but I don't know if he can fly or not. I released 3 Monarchs so far this year that had some sort of wing malformation - one came out with crumpled wings that didn't open fully, one fell down after emerging and couldn't get up to hang, and a third emerged with 1 normal wing and 1 very small deformed wing. None of these 3 butterflies could fly normally, so I would take them out back and put them on a nectar flower in the garden and let nature take its course.

Some people have kept a butterfly in a cage and will feed it with something like juice or flowers. Sort of like keeping the butterfly as a pet. I figure that there is mortality in nature, and that's the way it is. Most of these butterflies wouldn't even have a life if we didn't rear them in protected cages or indoors.

I've read about people ironing monarch wings but I have not done it myself.

There is a good video on monarch wing repair. If you have some spare wings, you could go this route.

Here is a link that might be useful: Live Monarch Foundation - How to fix a broken butterfly wing