Yes - as others have said, there is certainly nothing wrong with it for a Yr1 effort; handwriting is reasonable, there are capital letters, and much of the spelling is plausible when it's not correct. I have known Yr2 or even Yr3 not produce that amount, and to a poorer standard.
Please don't label his efforts as 'hopeless', and try instead to praise his attempts, point out words that are correct, and gently help him to understand where he has gone wrong.
Give him every opportunity to write at home, not just 'school work' but maybe keeping his own diary or journal, or producing his own little 'newspaper'.
Maybe children's work that is displayed IS better, but then the teacher may be picking only the very best. Ideally displays should reflect all abilities, but I guess there will be a natural tendency to want to impress viewers.
To encourage and inspire him you might like to consider this book:
An inexpensive and easy to use book, that can encourage children with reading, spelling and writing, and really help them to understand Phonics, is reviewed in the MN Book Reviews section. Just search ‘Phonics’.