Yes. The only upside of evolving Bayleef later is that it will learn moves more quickly. The stat gain from evolution is much, much better.
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bayleef evolve into Meganium on level 32
Bayleef Evolves into Meganium at Lv. 32.
Bayleef evolves at level 32. At level 32, bayleef will evolve into a meganium. Chikorita is one of the quick evolving Pokemon among the starters.
bayleef evolves at level 32
You need to evolve Chikorita or trade Bayleef from another game.