You will need to pay SEVIS fee (check your local consulate for price). It's only a couple hundred dollars max, and it will cost you another hundred or two to apply for the visa.
Total cost will be below USD$500 so its worth it. Just treat it as a call option.
The downside is once you register an appointment to apply a visa under that fall back school, all your application will be under that school name.
You can definitely change it, but it will take additional time and cost.
Assuming you are not jobless and have some money. If I am in your position, i would take that call option.
Furthermore, you can pressure adcom to give you an aanswer by using the VISA application timeline as an excuse. That way, they will either reject you or accept you and you get peace of mind.
Because even if they accept you in August, and school starts in the same month, you will not be able to attend anyway and you will be screwed.