It’s possible to work wood from a tree that was just cut down 5 minutes ago — in fact, the wood will be much easier to work. So if your cherry isn’t fully dried yet, that’s probably not your issue. The cherry not being dried yet will come back to haunt you as you mill it up and the wood moves and twists and warps as it releases the bound moisture you are exposing to the atmosphere.
I see you have one face side already done and marked — if that face comes badly out of flat, then it’s probably the moisture issue. If it stays nice and flat, your wood was likely close enough to equilibrium.
What I do see right near your big tear-out is what Paul often terms an “undulation” in the grain. You’ve got a touch of party cherry there. What’s happening is the grain is rising towards the surface of the board, then going back down away from the surface. As you plane in a certain direction, all goes well, but the other direction is a train wreck.
If you look at the area around your tear-out, you can see the shadow or three-dimensional look to the wood which is a dead giveaway. Here’s a more exaggerated example, this is my party cherry on the drawer face, you can easily see the wood grain rising and falling away like ribbons: