Here is a detailed answer and logic to your query.
Technically, you are correct. The eligibility conditions are calculated at the time of application review. E.g. if you become inadmissible after filing the application and before the application review, you will be considered inadmissible.
Your next question should be, if that is true, then why don't all applicants pre-apply while waiting for eligibility conditions to be met?
This is where you need to look at immigration law as a whole and not look at individual parts of the immigration process in isolation. The way immigration department ensures people don't pre-apply and game the queue system, is by making the very first question as following:
If you select 'No', application will not be submitted.
If you select 'Yes', application will be submitted and get into the processing queue. However, you will be committing misrepresentation which will have severe consequences, including you being barred to apply for any visa for 5 years(not sure if that is the bar duration but its some period of that sort).