Yes, for our oldest, we had proximity preference for our first choice and ended up not getting any of our top 3. It happens. He ended up all the way across town, which was a massive inconvenience, especially because we didn't want to subject a 5 year old to a 45+ minute bus ride. Other than that, he had a fine experience. (In a lot of ways, that school turned out to be a better environment for him, and we've always wondered if we should have left him there. So no matter how much research you do, you really won't ever be sure.)

He was high on the waitlist and he moved to our 1st choice early in his 2nd year. Waitlist slots always open up, because families (esp in West Cambridge) frequently leave CPS at mid-elementary age, either because 1) they feel like they need a bigger house and move to the 'burbs, or 2) they are rich and move their kids to private school to keep them away from the poors. :(

OP, I know this feels really stressful, because I've lived through it. But, again, all the CPS elementaries are good environments for learning and social development, so try not to sweat it too much.