It is a Yucca elephantipes and one of the most badly overgrown indoor plants I have seen. It really should have been pruned back years ago.
The older it is and the further back you cut it, the greater the chance that it may not succeed. That is because, at the one-meter point, the stem is now very old and not as viable. That is not to say that it won't produce new growth at that point, but the chances of success diminish with age.
If it were mine, I would give it a shot as you described. Just understand that it may not be successful.
I suggest you take the top half-meter or less and try propagating that in damp soil or water.