I think this is one of the most important things when you are in the university. I think, especially when you are a designer, you need this to prove your value. Prove to people that you can do something that others will enjoy, and then you have more opportunities for jobs and studies.
It increased academic and professional knowledge and careers. I never won any kind of design contest. The experience was something that made me feel glad about what I do as a designer. It was amazing!