Is Lateral Release Surgery Advisable For Extensive Cartilage Damage Of Knee?

Hi, On Monday I am seeing an orthopedic surgeon to see if I need surgery on my knee. I've been having recurrent knee subluxation and the MRI also saw a bone fragment that is stuck in the fat pad. It also showed extensive cartilage damage. I've already tried physical therapy, but it continued to lock up and be uncomfortable and unstable. I am nervous since I already had a prior ACL surgery 20 years ago. Do you think I should have surgery if adviced? I think they mentioned a possible lateral release surgery. This ski season seems like it's a no-go.