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Not in itself, no. It is a 'society' that offers opportunities for scholarships through membership. Membership costs money, but of course it is not guaranteed you win anything. It is what you make of it; so if you go above and beyond to stand out in the society, the better chance you get to winning that admissions fee back, plus much more.
Also it is certainly no harm being able to say you are a member on a resume, or on an application into graduate school.
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