I would say the engine is still there, just the jetpipe decided to go it's own way.
I doubt the damage would have been that much more serious at fl370. A big bird like the 747 can handle it. tanks might be punctured and a fe bits of alu missing, but I'd say the craft will make it down in one bit.
Not too long before or after the ElAl 747 in AMS a B707 cargo dropped 2 complete engines over France and landed on a military field in France. Crew escaped by using escape ropes but sadly the craft burned down because it was outside normal ops hours...
You would see these sights ( and worse) at Ostend in the late 80's and early 90's where old tired b707 and DC8's had dropped a complete engine in flight or had on wing engine explosions in flight.