The most likely issue here is to do with
fifty features, but those features were extracted from thousands
If those features were selected according to a pre-data-analysis theory, and other selections were not considered, then a linear model that fit the data might be strong proof that the theory was plausible.
However, a linear model that fits well due to selection from a large feature set in order to make it fit is very likely to be overfit. You absolutely need a hold-out test data set in this case, as you have used your initial data to form a hypothesis, and have no proof of validity at all.
I cannot advise you whether to submit the paper or not. There may be ways you can word it to make it clear that the work establishes a hypothesis and does not validate it (but without making a song and dance about the lack of rigour in validation, as then you are undermining your own submission).
I think that as long as you do not try to obfuscate the lack of follow up work, and present results so far accurately, then it is a fair submission - it may then get rejected if a reviewer wants to see some validation, or it may get accepted and there will need to be follow up work that either validates or refutes the model in a second paper. That might be your work, it might be another team's.
How good/bad those scenarios are depends on how your field works in general. Perhaps ask with some relevant details on https://academia.stackexchange.com/ to gauge your response, as in some ways this is a people problem - how to please your mentor whilst retaining pride in your work and progressing your career (which in turn depends on a mix of pleasing your supervisor and performing objectively good work).
Your mentor may still be open to discussing the technical merits of the work. Perhaps they have not fully understood the implications that you are seeing for how the model was constructed. However, they might fully understand this, and may be able to explain from their view the merits of publishing at an early pre-validation stage for this project.