I mean I would definitely take the class because I like math, but if it really isn't going to help me in my major or reinforce my understanding of engineering, I shouldn't be wasting $1600 on taking it.
That's what I mean. If you like math then go for it. It's not required for engineering. Be sure that you can do well in it. This is abstract algebra, not regular algebra. If you have not taken differential equations and linear algebra then don't do it. This is a tough math sequence for math majors.
If I were to take this class, it would be ideal to do it during the summer, when I have a lot of time to study for the class. Sorry about the confusion: I am attending UCLA in the fall, but am asking about 110 at berkeley.
Assuming that you have completed all of the freshman and sophomore math courses needed for your engineering major, you effectively have slots for six quarters of additional free electives while you are at UCLA. You can certainly use some of them to take any additional math courses of interest -- you won't be taking any additional workload since the additional math course would substitute for a required math course that you have already completed.