I am a current biological sciences student at Sheffield.
I wouldn't say that the course is more competitive (getting a placement can be competitive though depending on which company you go for but will look much better when you apply for future jobs) as it is only a few sessions per year. It is increadibly easy to move to year in industry (it is literally a single form/ email) and you can move to year in industry at any point in year 1 or 2. Starting on the course would give you access to the resources beforehand where you can gain insight from previous students / relavent staff. The year in industry is self led as you have to find your own placement so the course is only related to advice (eg getting a second opinion on your CV / cover letter).
To summarise: you can easily change between the 2 regardless of what you decide.