Yes, it's a Giant Ichneumon wasp, a parasite of wood boring larvae. They sense the presense of these tree damaging insects and use those loooong ovapositors to drill a hole through the wood so that she can deposit an egg into the lavae. Then, that egg hatches and the wasp larva begins eating the larvae of the host insect! End of story for the wood pest.

Quite a remarkable insect, actually. She is doing you a favor.