Only if you pull the timing cover, its not like the earlier model corollas with a timing belt( plastic cover ,dry no oil) . The cover is metal, sealed so oil will not leak out( timing chain wet with engine oil) oil .
Yes you will have to take out the tensioner before you remove the cover.
Depending on where the bolt broke ( how much sticks out) It may or may not be worth taking off the cover .The cover is 5/8" thick where the bolt goes through.
I have heard of these breaking before , but dont really understand why.
If the bolt broke while trying to remove it ( rusted in hole) it would be a bear to get out.
It sounds like it broke from other stresses though, so the broken peice should be easy to remove( if there is no corrosion).
Just dont break an easy out off in the bolt( seen it many times) or you will never get it out.
If enough sticks out (cover on or off) ,you could slot the end with a dremal and use a screw drive to remove it or vice gripes if alot sticks out . I have used stacks( heat shrinked or glued together) of small neo magnets to remove loose broken bolts that were flush with the surface.
If you have to drill out the center of the bolt, punch the center first and then use a small pilot drill and plenty of oil to keep the bit going straight. Then go larger slowly until you can colapse the bolt and remove it. This only needs to be done if the bolt is frozen in the hole.
If the bolt is broken off flush or down in the hole but is loose ( turnable) then you can drill a hole large enough for your easy out( use the largest one that will fit) and get it out that way. Or use the neo magnet trick , the broken end of the bolt has to be flat and you need a good stack ( mine has about 30 magnets stacked together) .
The biggest variable, and what determines how you remove the bolt ( what method ) is how tight the bolt is.
The bad part with this particular bolt is that it threads into the block a long way and the access is poor.