You can use arcpy. Code below will check Z-values along the line length step by step and split the line (and output a new split feature class) at the Z-value closest to your desired Z. It might not give you exactly the right split position but if you keep the step value as low as possible it should be very Close. With 0.1 m step value i got the split at exactly Z 79.25
import arcpy
fc = r'Polyline_with_Z' #Change
desired_z = 79.25 #Change
step = 0.1 #Change, as small as possible without making the execution time unacceptably long
out_fc = r'in_memory\split_lines'#Change
geom = [i[0] for i in arcpy.da.SearchCursor(fc,"SHAPE@")][0] #If you have more than one line in the in fc you will have to modify this line and code below
points = []
position = 0
while position < geom.length:
points.append(geom.positionAlongLine(position))
position+=step
bestpoint = min(points, key=lambda x: abs(x.centroid.Z-desired_z))
arcpy.CopyFeatures_management(in_features=bestpoint, out_feature_class=r'in_memory\bestpoint')
arcpy.SplitLineAtPoint_management(in_features=fc, point_features=r'in_memory\bestpoint',
out_feature_class=out_fc)