It depends on the goals of the partnership between industry and your school. If the goal is purely the deliverable then they shouldn't even care if you are working from home at 2 in the morning. If the goal of this endevor is to offer you an emulation of what it's like to work in the industry then whatever rules govern the behavior of the employees should also govern your own.
Best course of action is to make sure that all parties (you, school, company) have the same understanding for the goals of the program. You will be the one who looks bad if your understanding does't align with theirs.