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If the element blew something else it would be the clock (Item 20 in Section 1) not the control panel which is just the glass face.

You will not know if the panel is shot until you try a new element.
It could be the element is shorting to the frame and that is why you are getting sparks. If it is not shorting to the frame then is sounds like the bake relay on the clock has welded it contacts together and you will need a new clock.
Or
You could unplug/ remove power from the unit. Undo the screws holding the element to the oven's back wall and gently pull it into the oven. Undo the wires at the element and then tape them so they cannot short to the frame. Then turn it on and see if the clock still works. It still may have a problem re: the bake relay is blown) but you will know that it at least lights up.
Alternatively
Leave the wire ends bare and check to power across them. Should be 0 volts when off. When the bake element is supposed to be on, it should be 240 volts. I do not recommend this unless you have experience with electrical devices.

[COLOR="Red"]240 volts is lethal!![/COLOR]

It is not a bad idea to clip something onto the wires (clothespin etc.) just to make sure that they do not disappear into the back of the oven.

Also it is very important to remove power from the unit when working on it. On many units one side of the element is live even when it is turned off.