Feeling heartbroken. time to let go?

Trying to keep this as condensed as possible without leaving out details. My girlfriend and I have been together 5 years. Had ups and downs and have made it through some rough times. She was drunk and cheated and had a couple other similar mistakes but not as drastic. I believe in being forgiving and I've had my share of mistakes.
We had been in a couple small arguments recently over her wanting to stay out longer if we'd go out and just about drinking in general. Times when I wouldn't want to or want her to. (Either because it was just not a good day or because I was afraid something would happen if she went without me)
Friday she goes to hometown with to visit friends. I totally trust the friends she is with so no worries on my part. They go out to local small town bar Saturday night. We dont really talk while she is out I just didn't want to interrupt her time with them. Just gave her a call around closing time to be sure she got back to their place ok. She only would text and just said she was there and didn't want to talk because she got into it with her friends (they were ready to go home before her)
Next day I figure she will cool off and call or text me. This is Sunday and she works Monday. no word as the day goes on. Finally I get to asking her friends and she had told them she was coming home. Long story short she stays there another night but not with any of her friends. or her parents. She comes back and will not tell me where she wa but said that she did not cheat on me and didn't hook up with anyone. I honestly do believe that. However her initial response when we talk is that we need to split. Due to general unhappiness on both parts and because caught in cycle of distrust on my part and being cold to me on hers. She says that the bigger picture is what's important and where she was doesn't matter. I said it does and me not letting that go is because knowing will determine how I feel about things. I dont know if there is a chance for us to make it
Feeling heartbroken. time to let go?
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