Most applicants to any top MBA will not be admitted to it. It's unlikely to be selected. You should certainly apply. In business, the quality of a choice can only be measured next to the value of viable alternatives.

You still have a bit of time and could get your apps in elsewhere. Indeed, Harvard is one of the most competitive b-schools in the world, and they'll even ding top candidates. Not to be pessimistic but usually a deferral at this stage is a strong signal that you won't be accepted (although not always)!

So yes, I would consider applying elsewhere. Maybe it won't be Harvard but there are still other excellent b-schools besides HBS as well.

I am slowly coming around to the realization that you both are right.

While I will continue to hold out hope for a round 2 admit, I am making a shortlist of other business schools to apply to. This is what I have so far:

Kellogg
Dartmouth
Columbia
Duke

I'm currently a senior business analyst at Accenture but I want to get into MBB consulting or Private Equity, I chose Harvard because of its strong links with Bain.

Is this a good list of schools or do you have any suggestions?

I'm 28 / M, 740 GMAT, 3.8 undergraduate GPA + extracurriculars etc.

There's some good discussion here:

https://find-mba.com/board/general-forum/top-mba-for-consulting-in-mbb-48876

You might have more luck with a school like Fuqua, but from what you've written, your profile doesn't stand out head-and-shoulders above similar candidates. In your essays I would certainly highlight anything extraordinary about yourself, maybe in terms of extracurriculars, worldview, etc.