I’ve done the Fred 3 times but didn’t get a place this year.
I’ve always started around 7am and not struggled with traffic, even on the early narrow slopes at the beginning.
There have been some big crashes in the past so starting early makes it less likely that you’ll be held up by one of those. Last year I was waiting at the top of Honister for around 20 mins while someone was airlifted away. The first feed station wasn’t too busy but the 2nd one was rammed. I’d recommend carrying enough food for the entire ride and just grabbing water top ups and emergency food rations from the feed stations.