Hi !
According to my understanding, there's not a massive difference between Round 1 and Round 2 for most top programs like HEC or LBS.
Round 1 can feel a bit less crowded with more spots available early on, and it sometimes boosts your shot at scholarships since funds aren't as tapped out yet. But Round 2 is still super viable, giving you extra time to strengthen your GMAT, essays without much drop in chances.
The key is applying when your profile shines brightest—rushing a weaker app in Round 1 won't help. If you're solid now, go for it; otherwise, use the breather. You've got this!