If I am the 495th in the queue, does it mean that it will take me several years to get the place?

Applications for places are in a general queue regardless of the content of the applications. So the order number of an application does not always mean that all applications before you should be granted. If you wish to get a place in any building but there are, for instance, numerous applications for single rooms just before you, a vacant place will be offered to you although many applications have not been granted yet just before you.