But time travel is far more complicated than that.
Every time Link travels back, he should cause what you call "a split". In reality, there is no split. All these "splits" existed even before Link went time travelling. They're called Alternate Dimensions, where events happen differently.
Even Single Timeline Theorists cannot dispute the existence of Alternate Dimensions. STTs concern themselves with only the one timeline, but that does not mean there aren't others. Their belief is that all the games exist in the one dimension and that the other dimensions are irrelevant and that no other Zelda game exists in these other dimensions. (This is only a vague generalisation).
There is a possibility that there was a split even before Link was sent back.
If you look at ALttP's backstory, you realise that Ganon entered the Sacred Realm, got the Triforce and then got stuck there. Yet the Triforce did not break apart.
In OoT, he did the same thing, but it broke apart and he managed to escape to cause havoc across Hyrule.
Now, here is what a model of time travel suggests.
This model depends on Quantum Physics. In Quantum physics, when you send an electron along and it arrives at two gates, according to Quantum Physics, it goes through both of them. This is a strange thing to happen. It doesn't choose what to do. It does both.
Some people extrapolate this to all living beings and all objects. When faced with a choice, we don't choose one or another. We choose all and we do all. This doesn't work physically in one dimension, so they suggest that there are multiple dimensions. In one dimension you choose the left door, in another you choose the right. In another you choose the left door and find it locked, in another you choose the left door and manage to open it and so forth. Think of it like a tree.
However, the tree model (the split model) that you are now attempting to champion is an oversimplification.
Now, most physicists agree that if time travel is possible the most likely way of doing it is through black holes or more importantly wormholes. These are thought to connect different Universes.
If Link time travels, he goes from the future of one Universe to the past of another (see Diagram example, black to red), which may be up to that point in time identical to his. Yet he will change it and hence that Universe will have a different timeline to the one he came from.
According to this model, though, Link will never return to his original Dimension (in the case of the diagram, the black one). He will only live in Dimensions that are similar. The Dimension he goes to may have a similar outcome to the one he came from, but it will not be the exact same one.
You may ask, well, if Link travels to the past of the red Dimension, where does the Link from the red Dimension go? Well, if one Link from one dimension is time travelling, what's to stop another Link from another dimension also time travelling? The Link from the Red Dimension may time travel to black or pink or blue, thus leaving a "Link vacuum" for the black Dimension's Link to fill.
It is rather complicated, I know, but I find Multiple Timelines more of a challenge than Single Timelines. With STs you can always come up with some fanfiction to fill in the gaps and yes, it can become more difficult to fill in the gaps. Yet it is the mechanics of the MT that is intellectually difficult and more difficult to grasp.
MT is not an easy way out. It is rather more intellectually difficult to figure out because of all the confusion that time travelling causes.
To say dismissively that either theory is an easy way out merely demonstrates your ignorance of the other theory.
I partially support Chronicle's theory (although technically, nothing any of us Zelda fans suggest are really theories but hypotheses) but I do not agree with his terminology of splits and fusion. There are no splits or fusion. All the dimensions exist already and Link travels from one to another. Though one dimension may have an identical past or future to another, they are not the same and are separate dimensions never to merge.