Very helpful. Thank you. I caused the issue when doing the timing after replacing the head gaskets. That right bank just would not balance out. There was too much tension on top and a ton of slack on the bottom, which is opposite of this picture. The gap formed up top when cranking the engine by hand.That gap is between the right side timing chain and the upper guide, not the tensioner. The tensioner for that chain is at the lower left corner of the picture, and should apply enough pressure through the guide it is tensioning to keep the entire chain tight and up against both guides. I can't tell for sure, but it looks like the piston on that tensioner is broken. Compare your picture with the YouTube video timing chain tensioners at about 9:40 in the video. You see on your picture that square plate on the piston is right up against the metal boss on the tensioner. In the video, there is about a quarter inch or more of piston showing above that square plate.
But the answer to your question is that this IS a problem. Either the tensioner is bad, the chain is badly stretched, or a combination of both.