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A lot of schools require engineering majors to take a specific class called "engineering statistics" that has engineering applications. AP stats will not get you credit for this class.
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I just want to point out that this isn't true at my school, so I am sure there are other schools as well. AP Stat gives credit for our Engineering Statistics class. Depending on how well you do on Bio (4 or 5) you get credit for different classes.
As for what will give you better chances for college admission: The admissions offices don't need to see that you have taken every AP available, they can't even be sure Bio is offered at your school, it's doing well in what you're taking that's more important (along with all the other factors of course, but simply looking at class selection they won't know you passed up Bio for Stats, nor would they care I think).