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In my opinion, this is clearly a Canvas bug/defect. However Canvas support refuses to escalate this as a bug. Their solution was for me to submit a new feature request:
Issue: When assignment is set to Anonymous Grading, and student submits an assignment late, teacher role cannot see the date and time stamp of when the assignment was submitted. Teacher role can see that the assignment "LATE" red legend only.
However, user with admin role can see the date and time when the late assignment is submitted.
Impact: Faculty who deducts a certain number of points for each day late submission cannot subtract the right point deduction since they cannot the see the date and time when the submission was submitted late.