All depends on what you’re trying to achieve. If it’s to learn the game and enjoy it at a recreational level, then it’s certainly not too late. If it’s to earn a varsity letter, then it all depends on your school and its volleyball program. If it’s a decent-sized school and you’re truly a beginner, your chances of lettering are slim. If it’s a smaller school or weaker program, then your odds may be better. YMMV, obviously.
(Volleyball, like many sports, is rather hard to pick up and play competitively in a short period. There are quite a few skills that don’t come naturally to most, e.g. passing with your forearms, taking off to hit at the net, serving overhand. I say this as someone who played volleyball in high school and continued to play in tournaments after college.)
If you’re trying to pick up a sport that will earn you points in your SA application, this may or may not do it. The SAs value competitive sports because they develop teamwork, discipline, perseverance, resilience, grit and commitment. If it’s too late for you to jump on the sports train, there could be other activities that you already donor could start doing that also develop those traits and attributes. Good luck.