I think the bar should be comparable. Working professionals may account for a larger proportion in R3 and R4, though. But I believe they know exactly what kinda candidates they wanna take. I would suggest joining their info session and let them evaluate your resume.
With qualifications strong enough, I don't see much difference imo. The advantage is more that if you are in waitlist in round 1, then you get time to 'prove' them you want to get in before round 2/3/4.