In my experience it doesn't matter. When I did a VS AC for A&O, in my feedback call when I got rejected they were happy for me to apply again the following year for the direct TC route which I got to the AC for. I also applied for the VS for
Hogan Lovells in my final year and didn't even make it to the AC stage, but applied for the direct TC route the year after which I secured.
But there will likely be a limit to how many times you can apply, which in my experience, only takes effect once you reach AC stage/attend the VS and are not offered a TC at the end. But if you were rejected at application stage previously, you should deffo try again the next cycle as that will not hinder you at all as long as you improve it.