The short answer is yes.
The longer answer asks exactly how much later is the "later round" that you pick him.
Cruz is tough to gauge. He exploded onto the scene in 2011 and became a household fantasy name, came back to Earth a bit in 2012 but maintained in terms of TDs, and then both sorta collapsed in 2013, missing the 1K yard mark and only getting 4 TDs.
Then obviously last year he had his injury and was limited to 6 games.
The bond between Eli and Cruz isn't something that disappears immediately, but even if he plays 16 games my guess on yardage would be something around 900 yards with around 5 TDs. Beckham/Randle/Donnell don't make him obsolete, but they also give Eli more options to chuck it to. I'd peg Cruz as about a 120 point guy in ESPN standard scoring fantasy leagues.
In 2014, a 120 point year would have put him as the 28th best WR.
Thus, how early you have to draft him, round-wise, depends on how big your league is, and how quickly WRs are going.
In an 8 team league, he's someone I'd look at as an early WR4. In a 10 team, as a low end WR3. In 12 team, he's mid-to-high WR3.
In most standard leagues (16 players, 9 starting, 7 bench), that'd probably mean looking to Cruz somewhere around round 8 in larger leagues, and round 10 in smaller ones.
I'm not sure if rounds 8-10 qualify as "later" but that's probably around where I'd expect him to go on average.