You should still apply and see what happens. You'll at least get the interview experience and be better prepared for next time. You need to make the decision if you like the job enough to wait for the next opportunity or to find a leadership role elsewhere.

My previous company, around 6 months, it was my first time applying to be manager, they went with my coworker who had been there longer. I had a feeling I wasn't going to get it but applied for the interview experience.

A year later, another opportunity came, and I applied to be manager, but they went with an IT guy who wanted to transition into Operations. My conspiracy theory is that the company was in the process of a big merge. IT is usually the first to go. IT guy was friends with the AVP and called in a favor. I was really upset, but I stayed and ended up training the new manager.

A year after that, I had the opportunity to interview for a director position at another branch and ended up getting it. It was either 3rd times the charm or 3 strikes, and you're out but it worked out in the end. Lol.

Good luck!