It does look like a lacquer crack. It really depends on what is the outcome you're looking for. A simple way out is to fill the bare areas with clear type glue just to protect the wood. if you're looking to get the colour back, you need to worry a little more.
Since the red tint is in the lacquer not the wood, you'll need to source for tinted lacquer of similar colour before you start with anything. The closest I can think of now is a brush on bamboo Red lacquer. Some hardware stores may sell spray on tinted lacquer for wood finishing, not that easily available though.
Once you got the laquer, you'll need to remove the input jack. Peel of the areas that are already cracking (subjective). Personally I see no point retaining it as these areas are already not sticking to the surface well. Use an artist knife (or sharp pen knife) to trim away the jagged areas. You'll see a lot more of the bare wood. Sand down the wood surface a little to remove left over bits of the old lacquer.
Tape up the unaffected areas (neatly!). Double it. Clean the bare wood area from dust (many ways to do this). You can then start applying your lacquer as directed by the lacquer manufacturer.
Applying Sticker is a good option after you've levelled up the surface. It can last if you choose the right sticker and have a very clean surface contact.
Otherwise get it professionally refinished or turn it into a project guitar:mrgreen:.