Nissan ran on low oil long-term now very loud/overheats

So I borrowed my 2010 Nissan Altima to a buddy of mine for the past two months. I told him from jumpstreet car has a slow oil leak so to check oil weekly, minimum. I even sent a reminder text weekly to dump some oil in it. Now this is just an assumption on my part but I'm thinking he didn't add oil. Ever. He called a couple days ago saying he was having my car towed to me because it overheats and runs so extremely loud, said he has no clue why. I asked if he had been dumping oil in it and his face said oh shit nope forgot.

So here's my question -- if a car was ran consistently on low oil for a couple months, then one day gets EXTREMELY DEAFENINGLY LOUD and overheats then does that mean engine rod is broke? Is that the only option to explain the extremely loud engine? If yes, then is it worth fixing? I know nothing about cars but was told by a few people car is scrap now. (FYI -- since receiving broken car back I had full oil change done and car remains loud as hell & overheats)

I haven't had a mechanic check car but my "friend" who borrowed it his uncle is a mechanic and he said he listened to it and said rod broken, tell her she needs a new or rebuilt engine @ $3000. So if it is a broken rod from low oil then there's no other options besides whole new engine??

For reference I just bought this car for $100 from a relative on October 1 last year, put about $2100 into it to get it running, it just hit 197,000 miles, and the exterior and interior are literally in mint condition... So when everyone near me keeps saying it's scrap worth $250 it's a hard pill to swallow!

Advice appreciated, thank you!!