In most part of the country and North Texas yes it is to late. I would also not use annual rye. Annual Rye grows so fast that it can easily get out of control in the spring. Annual rye may require up to three mowings a week in the spring, depending on rain and fertilizer applications. Annual Rye is also light green and produces a hard weed like seed head.
Perennial rye is the better choice.
It grows much slower and can be managed with one mowing a week or less. Perennial also has a deep green color and much softer texture compared to the annual rye. Perennial rye is more expensive but is worth it for the appearence and maintenance. Depends on your location. In most part of the country and North Texas yes it is to late.