That's likely what happens when the previous mechanic tries to use a puller without threading the bolt all the way into the steering wheel.
I would not try to weld a nut to the threads because it's just thin stamped metal on each side of the hole.
You could check the depth of the other hole, and then drill and tap the hole for a helicoil insert. If you drill "to deep" you will go through into the horn ring plate. If you use a normal bearing puller, you will crack the plastic on the outside of the wheel.
The "Red Neck Method" (without a remover), If you remove the 15/16" steering shaft nut, and then make sure you screw it back on a few threads (for safety), you can place your feet on the floor board, and pull up on the steering wheel. The trick is to apply a firm pressure, and "also wiggle" the steering wheel with the up pressure applied. Note, if you have a perfect original wheel, just use the correct remover