Yes, submitting something is better than nothing.
Usually up to a certain point you will just have marks capped at 40%. After a set point you might just get zero no matter what, but at least by submitting it you can demonstrate you did submit all required assessments even if it was not on time and/or good.
In any event you probably need to also take this opportunity to reflect on the circumstances that gave rise to the situation, and improve your time management skills. Also recognizing that "done" is better than "perfect" when deadlines are in play.