My view on “party schools”, which is often backed up by anecdotes of students, is that there are usually plenty of other opportunities than parties to entertain yourself. (Just like schools that have say great outdoor opportunities for recreation neither means every student has to love the outdoors nor that they will not have anything to do if they don’t.) Possible exceptions would be geographically isolated campuses where there is not much else than parties going on. Another possible exception: if you are worried your student will be easily influenced into the party/drinking/drugs side of things.
I’d be looking at things like graduation rates etc to see if the “party” label is really a deterrent to academic success.