Quitting a part-time internship to find a full-time job after graduation

I am a master's student at a great engineering school in a quantitative finance discipline, finishing up this fall semester. The quant internship I had this summer came back with a non-quant job offer, and a part-time offer for the rest of the semester. I accepted both, because I thought the experience during the semester may be valuable (and the money is good, especially for part-time work). I really don't want to work for the company full-time, as I didn't enjoy the internship, and it's located in a city that I don't want to move to after graduation. Working in a job that uses a machine learning/statistics toolkit would make me happier than this coding-heavy but non-quantitative role, as well.

I'm now realizing that the time commitment for the part-time work would severely hinder my ability to schedule interviews, coffee chats, etc. for the full-time job search and would have an impact on my performance in the classroom. I do have regrets taking the position knowing that it's not something I want after graduation. I don't know if the money and the extra line I can put on my resume is worth it if I can't find another job quickly while working.

Should I quit to focus on finding a better opportunity, and how would you go about approaching your boss in my situation?