There are several views on this. Ultimately, whatever you choose depends on your capacity, how much you can handle at one time, and whether you’re willing to take the risk of accepting that there may be moments where one will take priority over the other (university vs. applications).
Side note: congrats on the AC - have they told you when it is/ anything about it yet?
Now back to the prior discussion. Here is my personal opinion.
Agreed, your degree classification is forever, and this is ultimately very important since law firms will require a minimum of a 2:1 as a TC entry requirement. In my experience, I applied to TCs in my second year and was balancing a range of modules like land and equity. I would have not been able to do this without a schedule every week and clear targets. This included how many firms I wanted to apply to, and when. To be quite transparent, there were moments when applications took priority, and vice versa with university. For example, when I had summative exams or midsummer exams, I will certainly place my university work at the top of the scale. Similarly, when I had law firm deadlines, or interviews coming up - my focus was there. It reached a point where I had to accept that ( for me personally ), priority switches based off the needs of the given situation. So yes, it’s definitely possible to manage both work streams - you just need to be be very strict with your time and capacity. Above all, be honest with yourself and how much you can balance whilst still trying to avoid burnout. Your mental is really important, so ensure to still leave time for fun things like spending time with friends/ family, or even little activities by yourself (journaling, walks, etc).