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I wasn't the biggest fan of the first film, so letting him release his preferred cut can't hurt I suppose - I'd definitely give it a spin as it felt like it had a lot of potential.
On how finished it is, this is pretty much all we have to go on:
On October 6, 2022, a fan who ran a Twitter account called ReleaseTheAyerCut was apparently allowed to watch the film on David Ayer's computer. According to the fan, the cut was complete in terms of timeline and sound though it possibly needed a little bit of Visual FX work. The following day, Ayer confirmed the fan's claims that he had been allowed access to the film.
Unfortunately, I think the time for it was after the Snyder Cut was released and James Gunn won't really want any confusion with the launch if his DCU at this point, even if Suicide Squad is technically the first film in this Universe.
Perhaps a few years down the run a window might reopen but not now.