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What is your 5 year plan?
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If this goes south it will harm you too. Stepping up abs supporting manager is the best outcome. Letting them take some credit so they become an ally an advocate is also important here. If they really cannot be saved then you need to start documenting everything and perhaps challenging them a bit so it is clear they suck. However, throwing someone under the bus rarely works long term. Never just wound someone. Unless you totally crush them they will find a way to get back at you.
I was a new manager once and the senior consultants that gave me break have been repaid several times over in terms of me advocating for them on performance rounds.
I think there is a pretty wide gulf between asking for help and asking you to manage the team/project
Is the new person struggling because they aren't very bright in general, or did they get put into something they've never worked on before (like a Supply Chain expert somehow being put onto a pricing strategy project)?
if it's the former, then yes you probably need to escalate. If it's the latter, give them a little bit more time to reset and re-orient if the engagement is something far outside their usual comfort zone
Thanks everyone who answered so far. This new person is great and so nice it’s just a tough project on a tough deadline and don’t want to see it fail. Could be too premature of a thought. I’ll continue helping her the best I can and be better about giving the credit, that’s a great idea