This would be true if you did small patches just over the cracks. However, a patch that extends a foot or two forward and aft with several layers will add more than enough structure. It will add quite a bit of weight though.
The hull is a layered composite. All you would be doing with this method is repairing the outer fiberglass layer, without addressing the foam core or inner fiberglass layer. They work as a system and are much stronger as a unified structure than as individual parts. I guarantee that you're not seeing all the damage here, too.
This boat cannot
be restored to safe, sailing condition for any reasonable
amount of money. You might as well buy a new(er) hull.