Obviously, you have to consider all sides and make the best decision for you. I've always recommended individuals try again if they don't make it. But I would ask you, being you're currently a sophomore in college; would be starting your junior year in college when starting your freshman year at the academy; and are already in AFROTC, you need to consider all that when deciding.
Only you know how well you're doing in ROTC. Not everyone gets selected for commission after college in the ROTC program. If you don't know how you currently stand, you should speak with your ROTC leadership and get their opinion.
A lot of people have a strong desire to attend a military academy. I've seen those who applied and came in with associate degrees already done, and even one who would have been in their last semester of college accepted an appointment. But only you can decide if the academy is still truly something you want; and WHY do you want it. I can tell you right now, with good accuracy, there's a lot of difference between an 18 year old and a 21 year old. The reasons you wanted the academy at 18 may not even exist if you get in at 21 years old. How you interact with your classmates will be totally different. There's a big difference between 18 and 21 years old. Especially when the 21 year old has been in the "Real World" at a traditional college for the last 2 years.
I am not trying to discourage you. Not at all. I'm simply pointing out that you need to decide WHY you STILL WANT the academy. You can still get a commission in ROTC. You can still get the job you want in the air force through ROTC. Once you have your commission, there's not really any difference between being an academy grad and an ROTC grad once you move on to your advanced job training; whether it's pilot, IT, Intel, engineering, etc. And finally; by staying where you are, you'll be commissioned 2 years EARLIER.
Of course, that all revolves around whether or not you are selected to be commissioned out of ROTC. Only you know that. If you think your odds are slim; then definitely the academy is a better option and you should apply. Because all cadets are commissioned if they successfully graduate. Not all ROTC graduates get commissioned. But if you know, or speak with your ROTC leadership and they assure you, that you are on a confident path towards a commission, then you have to decide if you want to ADD another 2 years of school before getting commissioned. Being older than most of the other cadets. (Many prior enlisted who attend the academy mention this too). And whether you want to start off again as a Doolie with some 19-20 year old in your face during basic training.
Best of luck to you. I hope I've given you and others in a similar boat something to think about. I ALWAYS recommend reapplying if you don't get accepted out of high school. But it gets more complicated come the 3rd or more time applying. Especially if you've been in and are successfully doing ROTC. Good luck