A great post to help reorient! I have to say that I'm somewhere in between 1 and 2. A part of me knows that the best thing I'll gain from this game jam is the learning process since I'm such a beginner. It will help me to put into perspective what I can reasonably achieve in a short amount of time. So, I know that if I don't submit anything then it's not a big deal because I would have progressed in my game dev journey regardless.
That being said, I really want to submit at least something. I will admit that it is, in part, because of the free course GDTV is offering. But also, I really want to put something out because a small part of me will feel like I failed if I don't. I know that's not really true, but not sure I'll be able to completely shake that feeling.
Luckily though, I've completely re-scoped my project and turned it into something a lot simpler. This time around I went straight into prototyping using the Unity shapes for sprites and backgrounds instead of wasting so much time trying to find a free asset pack that would work. I figured if I had the game down then even if I couldn't find the best looking art then I did actually achieve the goal of making a playable game even if it's abstract and looks atrocious.
Good luck to you and glad that you came back to give it another go!