It is easier to split a large library by duplicating it and deleting from each copy the items you do not want there.
Even the best version of PowerPhotos will not yet preserve the assigned faces and the projects, like slideshows. But duplicating the library will preserve everything. And then you just have to erase in each copy half of the items (in small groups).
This can easily be done with the help of two smart albums. The smart albums will help you to find the photos you want to keep in one library and the photos to delete systematically, so you do not accidentally delete the same items from both copies of the library. Create the smart albums before you duplicate the library, so they will be identical in both copies.
To partition the items in the two libraries into two separate sets, two smart albums will come in handy. Create these two smart albums with "File > New smart Album".
For example, to create a smart album with all photos older than 5 years, and one album with the photos taking during the last five years:
- An album with the new items: Set the smart rule in the smart album to "Date captures is in the last 5 years".

- An album with older items: Set the smart rule in the smart album to "Date captures is not in the last 5 years".

In a similar way you can partition the set of all photos into "Photo is Favourite" or "Photos is not Favourite" or split them thematically using keywords "Keyword is work" or "Keyword is not work":
I have described it in this user tip: How to Split a Photos Library and Preserve the Albums, Metadata, and Adjustments - Apple Community
and perhaps: Does a large Photos Library make Photos slow? Should we split the library? - Apple Community