I noticed a trail of what looked to be sawdust on my wall. Could it be Termites?

You mention a hole. Is it a small single hole in the beam? If so it isn't termites. Termite hole look more like tracts. There are species of bees though that live in wood. Usually they drill one single hole for the hive entrance. The hole they make is roughly twice as big around as a pencil. To kill them just wait till evening when it gets dark and shoot wasp/hornet killer up in the hole. Since you have a single hole with sawdust under it I would suspect you have something like this and not termites.