I'd take it, unless there is something else that is giving you doubts, such as a long bus ride. Your kid can always go back to the home school if the immersion school doesn't work out, but you won't have a chance at this immersion slot again.
If you are concerned that it's October and your kid will be playing catch up, the answer probably depends on your kid. It 's not like the other kids are all fluent by now. My kid entered immersion in first grade, and while it was a challenge, DC's teachers told us DC was indistinguishable from the other kids by January.