Yes, most likely. You could have serious damage if the chain fails, especially when the engine is running. Don't even crank the engine if you think the chain has failed.
If you want to find a specialist, here's a directory link for you:
https://repairpal.com/bmw-repair-in-san-diego-california
RepairPal Certified shops can diagnose and repair your 1996 BMW 740iL. They provide transparent pricing with a minimum 12-month or 12,000-mile warranty on repairs and services.