Short answer is yes. If you are asking if it provides some sort of advantage over other activities of same commitment level, it does not. Colleges value all activities, especially ones that require commitment and striving towards a goal -- the same characteristics that would help you doing well in college. Colleges are smart enough to know how much commitment different sports at different levels (recreational, travel, JV, varsity, etc) require and judge accordingly. Remember, colleges rather see a few activities with depth of commitment rather than 10 activities.
Of course, if you are good enough to play the sport at the collegiate level, your chances are much better than someone else who's credentials are equivalent to yours without the sport.
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Yes and No, colleges are more interested if you are competing at a level that could contribute to their teams. Many colleges offer scholarships, sometimes full-boat, completely based on an athletic talent. It does look good to do extracurricular activities regardless although it probably won't be the deciding factor on whether you get accepted into a college.