Hi there - it does look like roots, however what concerns me is the dark spot in the center of the branch you cut. This means that there is still rot in there that was not cut off and it has very likely spread into the branch you see the roots growing out of. The roots may be growing out trying to save the part of the branch above it.

If I were you I would cut that branch off below the area where you cut the branch that is showing the dark spot and see if the rot has spread downward. You have to do something with it or it will absolutely spread.

Make sure you're cleaning your shears with alcohol between each cut so you aren't spreading it more. You always need to cut until you see clean, white / creamy white flesh and no brown. You should also seal with almond colored caulk (less noticeable than white) or water resistant wood glue to keep it closed from moisture.

Sorry, I know this probably isn't what you wanted to hear but it is the best advice when rot is present. Good luck and please keep us posted.

I agree that that brown spot is rot.

I wonder what would happen if you cut the part growing roots below the roots and above the rot, and laid it horizontally on the soil? There are so many roots starting.

Agree on the roots coming out through the split in the bark. Generally this is indicative of some sort of damage below the still viable tip area. I am not entirely sure based just on the pictures of what to do next. Can you use a thumb tack or pin to slightly scratch the areas in question (clean the pin with alcohol in between scratches to prevent spreading any possible rot). if you get white sap then generally you are in good shape if you do not then its likely the area has began to rot. Then I would attempt to cut about six inches above the V branch to best promote growth from the area. If there is not viable tissue there then I would cut back to the branch.