I would not put that back in water myself. I would pot the root, which is definitely looking pretty viable, in chunky terrestrial aroid mix (you can see the recipe if you are interested over on the Philodendrons etc aroid forum here) and keep it moist but not wet. You will most likely lose that leaf, and looking at the distal meristem, I am not sure that there is viable tissue there to make a new shoot but there probably is.
I do not propagate from mid-meristem cuttings. I find it way too risky. I myself only propagate top cuttings with substantial adventitious roots. I realize that this is not what is being offered on the market at the moment, and I myself would never buy a cutting taken in this manner, but I know that you have to make a decision to take what is available, if you really want it, or take nothing at all.
You might find this chart helpful, it was made by some really, REALLY serious aroid growers just to address the issue you are facing and kind of give you an idea of your chances. Its not meant at all to be condescending, but your specific issue has become so common, both with variegated and non-variegated monstera, that they decided to address it in this way instead of trying to answer each and every 'help' question about happy monstera cuttings on an individual basis like folks do on this site
These are a few photos of some of my plants that were propagated from top cuttings....these are just at a little less than one year old now. If I had taken mid-meristem cuttings, these would in no way look like this at this point in their development