I think you're correct, and I had that as a passing thought. There are eastern red cedar, and the image search matches. I grew up with Western red cedar, and they don't have such a light ring around the outer layer. The eastern one does -- a characteristic that is very distinctive. In the world of Google it would have been easy to track down, as it was just now.
Cedar is used for shakes and fence posts, and if it is large enough, for lumber, planks, various water-resistant and fragrant (insect repellent) products. It's great for kindling if you have fireplaces, etc. It's a judgement call as to how you would want to use this, but it isn't your ordinary junk piece of wood, I wouldn't chip it up if you can find a better use for it.