It would be better then driving on the flat tire and rim but it isn't ideal. You should really invest in a proper spare. This is one of the most overlooked things when lifting a vehicle.
The key to remember thou is that you should not run the spare on the rear axle since it will cause the smaller tire to spin more and if it is off enough, it will cause driving issues. Also, if you are 4wd, running the spare on the front also causes issues with the diff even thou the 4wd may not be engaged.
Overall its not ideal but is doable for short distances.