I'm also a J-Term admit from India but have been living in the US for a while. I'm seeing a lot of fair concerns here, mainly around the MBA experience itself and general immigration issues. Here are my two cents:
Firstly, the way things are going, MOST b-schools right from the M7s to lower tier schools will likely be following a hybrid format until the fall of 2021. If there's an effective Covid vaccine in the interim, that timeline might change. Therefore, if you are sub-27 and the in-person experience is the most important aspect for you, deferring your b-school plans by a year or two maybe the way to go. If you are not or you're dead set on going to b-school this year, you have to become accustomed to the fact that return to "normalcy" is a moving target and CBS or whichever b-school you accept will have to abide by federal and state rules. Safety first, simple as that. I would even argue that while the hybrid MBA is obviously not the same product from a social perspective, for those who are looking to try different things, it's easier to jump from meeting-to-meeting via Zoom than via in-person. So from a recruiting perspective, it's a bit more advantageous and I actually hope b-schools continue some form of virtual recruiting once the pandemic ends.
With regards to immigration, that's a different animal altogether. F1 visas for universities like CBS are virtually guaranteed. However, assuming you manage to get an appt and get here, keep in mind post-MBA, you will have to deal with the horrendous H1B lottery system. So definitely have a chat with yourself with regards to spending all that $$$ with a 50% possibility of being kicked out of the US 2 years after you complete your MBA from whichever university in the US. In this aspect, while UK/Europe might have a better immigration system, except for LBS and INSEAD, no other international school (including Oxford, Cambridge etc.) comes close to the recognition and pedigree an M7 MBA will give you globally.
Bottom line, it's definitely not an easy decision to make but depends on which of the trade offs you are comfortable with given the current global situation and which decisions you can live with long-term.
Congrats to those who made it and best of luck for those waiting to hear back from CBS and other schools.