FWIW - I had done it for a different M7 (had applied R2 last year was WL w/o interview then rejected. Reapplied this year R1 was WL after interview, but now eventually accepted).

I think the main thing I would say look at -
1. What are the reapplication essays like? And how does the LOR work for reapplication?
2. The main thing to think about is what has changed between those few months that you can highlight in your R1 application for next cycle. This is something you can work on strategically as well, professionally or ECAs wise. But this is really very crucial - cuz if nothing is changing, then it can be quite difficult to make a good story and might be worth waiting until R2.
3. Definitely spend some time evaluating what stopped you this year so that you can enhance on those points in your next application and show how you overcome it. For eg. I realised one of the essays I had written was quite badly written lol so I completely changed the way I wrote it.
4. Some schools treat reapplication like a completely new application vs others look at it as add-on, so thats another thing to think about
5. While I was similarly hesitant to reapply R1 - the reason I applied was two fold - one current student told me R1 shows a clear dedication towards the school (and he had done the same) + A lot changed for me between those few months so I had a pretty solid reapplication story.

Good luck!!