Is it ok if our engagement party was late?

I don’t know if I’m just an idiot or what, but I didn’t know an engagement party happened right after an engagement. I just always imagined it was a party within 1 year of your actual wedding. Our engagement is rather long, 1+ years, so I assumed that was the case.

My fiance was a sweetheart and didn’t stress me out with the fact that an engagement party had to happen right after we got engaged (since we’ve had a lot of stuff happen right after so that kinda slipped my mind/I definitely misunderstood the purpose of the party.)

Would it be wrong to have our engagement now (9 months after our engagement) or would it be redundant? I honestly misunderstood it but still want to celebrate with my loved ones + party. Advice? Many thanks.

Edit: hi everyone! Thanks for the great input. Our engagement was a pretty feisty thing so everyone knows about it already lol. Honestly I think an engagement party is overrated anyways, I really would love to put the money towards other things, or when we throw the other parties on top of it all. If anything, a party with both the groomsmen + bridesmaids is what I’m thinking of doing instead. Thanks for all the advice!