No target no risk.
Otherwise healthy, tree is managing by the sounds of it, and from what can be seen in the picture.
Water in cavities is not then problem a lot think it is, it actually can slow down decay.
Hollows that critters can get into are valuable environmental real estate, especially when surrounded with other trees and shrubs for 'connectivity'
Perhaps reduce the tree to a point where it becomes acceptable (subjective I know), enhance hollows and add new ones.
Sean and Stig are on to it.