Without stressing the rod too much, I would first try to go toward the snagged fly so that you can pull the fly out of the snag. For example if you snagged the fly downstream of you walk downstream past the fly so that the fly is now upstream of you and then give the rod a couple of shakes to see if the fly pulls out. Continue trying different angles until either the fly pulls loose or you’re convinced it won’t. If you have to break the line do it by grabbing the line and pulling it. Don’t point the rod at the snag and pull. You might jam the sections together and make it impossible to collapse the rod. It is possible to unjam sections of a rod but that is tricky and requires you to take the rod apart.