hey! i applied during my senior year (this cycle) for financial/personal reasons and while it is A Lot, i think it's worth it if you have profs who know you saying that you've got a shot and you're pretty sure it's what you want to do. you might be slightly less competitive because you're younger/didn't take a year off/whatever, but grad school is pretty much a crapshoot anyway, so what really matters is that your application materials are strong enough to speak to your abilities and your passion. i had to rush to finish my senior seminar paper early so that i could use it as a writing sample and, though it could be tighter, i got into two MA programs and am waitlisted for two phd. even if you don't get in anywhere, you still learn a ton just going through the process that would help you the next time around, hypothetically
basically, it seems like you've done your homework and applying is what you wanna do. idk you, obv, but i say go for it