There is discretion to disregard the absences requirement, but the exercise of discretion should not be confused with
caprice. The exercise of discretion is laid out in the
Naturalisation AN caseworker guidance.
For absences exceeding 480 days, the following expectations need to be met (see Page 11 of the guidance linked to above).
Absences normally disregarded only if
you meet all other requirements (i.e. you don't need discretion to meet some other requirement as well) AND
you have established your home, family and a substantial part of your estate here. Also, if your absences are up to 730 days we (the Home Office) would expect you to have been
resident in the UK for the last 7 years.
In the case of the OP, I think the first condition (meeting all other requirements) will fail, as they need discretion to disregard two requirements (absences in both the one year period and the five year period). Therefore the chances of the application failing are higher.
I think the chances of discretion being used to disregard the absences in the last year are next to nil, with the OP having been away for almost the entire year. I would suggest that they wait for nine months, with no further visits outside the UK, before making the application. That would bring their absence in the last year under 90 days, which would make exercise of discretion for the absence over five years easier.
Also, the exercise of discretion requires a reason. As a Commonwealth citizen with ILR, the OP has almost all the same rights as a British citizen within the UK, with no restriction on how long they can live in the UK. They should therefore summarise in the application form why they cannot wait until they meet the absence requirements before making the naturalisation application.
I am not a lawyer or immigration advisor. My statements/comments do not constitute legal advice. E&OE. Please do not PM me for advice.