Another way to think about this in the abstract is whether colleges prefer one EC that takes 20 hours per week and another that takes 5, over 5 that take 5 hours each. I had twins where one was the former, the other the latter, and I think showing a very high level of commitment (she had had been a ballet dancer since the age of 4 and danced 25 hours per week to the exclusion of almost everything else) was really helpful in college applications.
But what made even more difference, especially for very competitive scholarships, was applying for dance with great academics rather than applying for academic subjects with dance as an EC. There just wasn’t as much competition that way round. That aligns with what others have expressed above about recruited athletes: getting to a level that allows you to do your sport/EC in college tend to be optimal for admissions.