Sure it is, but keep in mind that a project with no uploads won't show up in searches and listings, and you'll lose a lot of momentum early on.
So then, you wouldn't recommend it?
What if we uploaded a demo? Or would that still lose too much momentum for actual launch?
Not nearly as much, because then you'll show up in searches the entire time. People would add your game to collections, and so on. And with a devlog marked as Major Release or Update, you can bounce back in the Recent tab as well.