My brother in christ,read the first two lines of the "Rules" sections on the jam page.
Trijam games can be made in more than 3 hours, as long as you finish it, or at least make a playable demo. However, games made in more than 3 hours will get slightly worse ratings than games made less than 3 hours.
also if you take more than 3 hours you cannot win 1st place. Totally fair!
Yes. It is totally fair.