On the assumption that the main trunk/roots where it was planted is not in the way of any renovation work, then yes, it is worth trying to save it. First, see if you can extract/unwind any main stems which are in the way, and lay them on the ground directed away from where the work will be (although that may not be possible, given that builders trample everything). If you can't do that, then just cut it off wherever you need to - it would be better to do this whilst the plant is dormant, but I'm assuming its dying back now, for surely it must be autumn where you are, as its spring here the northern hemisphere. I also don't know how cold it gets where you are - if it doesn't get really cold, there might be a problem with the hard cutting back forcing new growth, which you don't want at this time of year, but so be it, it's better than ditching the whole thing. It's certainly worth giving the plant a chance - they are extremely resilient, and will come back very lively indeed even if you cut it all back to a main trunk. The only chance you'll lose it is because it hasn't become dormant, and the weather remains warm long enough for new growth to appear, but even if that gets killed back, on a very mature plant, it should survive.
It will not flower for at least next year, possibly/probably longer.