Oh I have had to deal with this, twice on two different greys. It's quite an interesting bandage procedure that requires figure 8's and bandaging right up to the tail and around the hips with zero guarantee of any of it staying on! The thing I find the worst about this is the dried blood on the fur, and that's what actually gets them to start licking, because it's pulling and tugging on the fur. Not sure if you are able to shave the fur off around the wound. If your hound is sedentary most of the time, that's really the only time I would leave some gauze on there and bandaging for it to heal, otherwise it might be best to just leave it open. If you have any colloidal silver, it really helps the healing time, or the Ouchless Bandaid liquid for flushing. Keep it clean, keep him from moving about a lot and you should see some crusting eventually. You should however help him flex it gently over the next week as well, you don't want this area to get stiff and develop any kind of scar tissue making it tough for mobility. I have often thought about liquid bandage but I think it's pretty difficult to use with fur so I never bought any. Scritches.
Edit: I happened to find this. While this is probably too tight to fit for a wound, it might be pretty handy? https://www.ortocanis.com/en/technical-helps-for-dogs/90-dog-knee-brace.html Maybe you can cut up a stretchy sweater?