I'm a graduating senior this year, and I applied in the fall, and I'm starting my phd next fall. I don't regret applying. It was a lot of work for sure. But I've worked 8-5 jobs already and I know that's not for me. I got a lot of conflicting advice too. One of my potential grad school advisors actually categorically rejected my application because she doesn't accept anyone straight out of undergrad to her lab. I also had professors recommend I work or pursue a Masters first (and I did apply to masters programs, and I got into one). But I think I did the right thing for me. I also kept up with the job search, just in case I didn't get in. So you kind of have to do both.