Since you have it, you might as well try it, but generally the white spot is a weak spot and the string will break sooner than it would otherwise, so I’d go ahead and order a replacement to have ready.
I imagine that if it’s first octave, you should have more than enough for two string replacements? If so, just clip the string after the white spot and use the rest! Also, I’ve found that the string holds just as well as a non-kinked string if the white part is in the portion of string wrapped around the peg.
I can’t say that I’ve ever seen a string break at that white spot when the string got kinked. maybe I was just unaware. Also, I rarely use first octave gut, and certainly they would be more prone to breaking at the kinked spot.