Careful maybe, but the idea of not trying for an opportunity that you don't have the experience for is very negative. My whole work career involved applying for jobs that I didn't have the experience for but knew I could do once I had a chance, I don't see why a band should be any different.
Not kidding myself that I would get the gig in any top level band, and I am too old now, but I know full well I can play the bass as least as well as many people I have seen, so if I had the opportunity, and availability, why the hell would I not audition?