Internal move CB to IB

I’m currently an intern in the Corporate Banking division at a large international bank, and there will soon be an opening in the M&A team. i’m
At my bank, Corporate Banking and Investment Banking are quite independent. In CB, our work is much more relationship-driven and we don’t really do financial modelling, so I don’t have direct M&A experience.
I’m still considering applying internally because my MD would be able to flag/recommend my CV to the M&A team. I also have some M&A/valuation courses at university and have worked on a few finance projects with CFOs, but obviously nothing comparable to actual M&A experience.
For people who have experience with internal mobility:
Would you apply in my situation?
What are the actual advantages of being an internal candidate?
Does having an MD from another division flag your CV make a meaningful difference?
Is there any reason an M&A team might prefer an internal candidate over an external one, even if the external candidate has more directly relevant M&A experience?
How much of a disadvantage is the lack of modelling/deal experience?
Would the fact that I already know the bank, its systems, culture, clients, etc. carry much weight?
I’m mainly wondering whether applying internally gives me a realistic shot at at least getting the interview, rather than whether I would necessarily be the strongest candidate for the role.
Would appreciate perspectives from anyone who has made or seen a CB → M&A/IB internal move.