Should I take AP Chinese?

https://secure-media.collegeboard.org/digitalServices/pdf/research/2017/Student-Score-Distributions-2017.pdf shows “total group” (includes heritage speakers) and “standard group” (does not include heritage speakers) AP score distributions for the foreign language AP tests.

But it should be obvious to a college admission reader that an AP or SAT subject test score in a foreign language without associated high school courses (or only the top level course) is likely due to knowledge of the language as a heritage speaker.

Since the OP will be a high school senior, any AP score from the Chinese test will not be available to have any effect on the traditional timeline for college admissions during his/her high school senior year.

The OP should note that colleges may have foreign language graduation requirements. A higher level completed in high school, or a higher AP score, may allow the student to place higher in the sequence and allow completion of such a requirement in fewer (or no) courses in college.