Because the stem is so long, you could cut off the part which is bent. Let the stem callous over and then pot like you would normally.

If you were to cut, would potting it closer to the soil help it stand, or would it still be too top heavy?

I think it just depends on how you want it to look. If you would like it to be a bit 'taller' you should be alright to leave it. If you want it to be shorter, cutting and leaving about an inch above the soil would be fine as well, as long as the leaves don't touch the soil, or they can rot.

I would pot it up, doesn't matter which way - it can be supported if top heavy - to give it chance to recuperate. Later on, I would decapitate it and re-root top part. Lower stem should be left potted since it should grow many offsets and/or branches. This is season they do not like too much - in heat, they often go dormant. IIRC, propagation is easier during active growth.

Aeoniums grow air roots, so if there are any roots growing from stem, that doesn't mean it was potted that deep.

I don't like to bury so much of stem - JMO.

ETA: I am not sure if it is 'Cyclops'(photos show rosettes with green center and red outside leaves - it is cross of A. undulatum and A. arboreum 'Zwartkop' and gets red color from it), but most Aeoniums have same needs. Cyclops apparently grows quite tall, could be as tall as 4' - but I know that only from reading about it. Depending where you are, it could be growing in ground or in container. I have 3 different Aeoniums and have propagated each of them by stem cuttings - but do not have 'Cyclops'. I grow them in containers in my zone.

You could always remove some of the bottom leaves that are sagging down a bit. It would allow you to cut the stem and pot closer to the soil, and would probably lighten up the plant a bit and make it not so top heavy.

I can't say for sure since I never grew this plant but many will straighten up if they have proper light exposure. But it may take a while. I have a jade that was bent much more than yours, and it was almost upright within a year - older plant, and had some other problems so maybe it took longer (it was frostbitten when I got it).

If my plant, I would wait until after August to propagate it...What is your general location or growing zone? (it really is best to add that info next to your name, helps to get more appropriate answers).

(Btw, did you know that most Aeoniums are monocarpic?)

ETA: here is photo of 'Cyclops' from net:

It should straighten with proper light, but as Rina said, it may take a while. Each plant is different, so it's hard to tell how long it may take, though the stem will eventually work its way straight.