I basically have worked on the game only when I have the time. Which for me is in the evenings and during my daughter's nap during the day. I probably have a bit more time than most since I don't work. But of course, I have other obligations to take care of and spend time with the wife.
I went pretty hard the first night staying up until about 2AM which was a huge mistake. Felt really out of it the next day and decided to just stick to what my schedule already is. Maybe I can afford a bit more time to put to it, but I think if I stay focused using the time I have wisely I should be able to make something for submission.
I'm like you though. This is my first jam as well so I wanted it primarily to be a learning experience for me for time management and game dev in general. Today, I re-scoped my whole project and turned it into something a lot more manageable. I already have working prototype in just a few hours which is a lot more than what I could say with the previous project I was working on. So, I'm fairly happy with the progress I made today. Hopefully, this progress can be maintained and then I can finish it by the deadline.
But to actually answer your question, yeah, I think it helps to have balance and to give yourself a break when you need it. You definitely don't want to burn out or make unhealthy decisions that would make you feel like crap (like staying up way too late). Good luck in the jam! Hope to play your game at the end.