How useful are leadership roles in university?

I'm the vice-president of my course's student union. I do it because I enjoy it, but I'm wondering if a lot of people take it as just BS on a resume or if it counts for something much more, because it requires a lot of hours and work. I'm not sure if I should run again next year.

Leadership roles in university mostly require pretty unrelated things such as a lot of event planning. Would it be better if someone spent their time doing something more studious instead, considering how much time they take out of you and how unrelated it is?

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