Admission can be competitive. But the applicant pool does vary, in both size and strength, from season to season and deadline to deadline.
Please apply. There is no advantage in delaying your application, no matter what your level or experience.
It is normal that both the least experienced and the most talented are equally certain they’re not good enough to get in.
Portfolio submissions are requested so that faculty may evaluate student needs as well as talents. They allow faculty to better imagine the curriculum of every course in advance, and to structure the enrollment accordingly.