This isn’t a prize-based jam! The main focus is about submitting your game and getting feedback from others!
Not necessarily! Just because there's no monetary prize doesn't mean that you're not getting anything out of it. A lot of widely successful games like Hollow Knight, Celeste, Baba is You, and Night in the Woods started from game jams like Ludum Dare and Game Off! There's a whole community that would be willing to give your game some good feedback and suggestions. And who knows? A good prototype would make for a good pitch to a publisher, which would then make you some money!
I hope you change your mind!