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.