Not sure about the Ivy League stuff... But having been to Carnegie-Mellon and a state university, there is something to be said for the acceleration and being surrounded by peers, or being a research assistant with someone doing leading edge research. Compared to sitting in a class with people asking "Is that going to be on the test?" Been a few decades, maybe it's changed.

But to the topic: asking the question is playing the game. If the kid filling it out feels it helps define them then include it. Tell your story, not the story you think they want to hear. I can smell it on a resume; I can't imagine it's any different on a college application (barring that whole negative paycheck thing.)