You could cut out the section and fit a new piece in. The new piece would need to be of a deeper profile, so would need to be specially machined or profiled to account for the extra depth, and you would take the back lip off to allow fitting and so then result may be prone to twisting - unless you can get to the back and fit a cover piece
If you wanted to elevate yourself to Shiplap Repairs - Level 9, you could rout out that front lip and a 20mm or so up the board to form a shoulder to receive a new section of timber of suitable depth which can be glued and pinned/screwed on and then finished flush.