Regardless of how it is treated in calculating GPA, it will be visible to admissions readers looking at your application. Of course, the better you learn the material, the better you will know it for subsequent courses that depend on it as a prerequisite. So do your best in the class regardless.
Note that calculus 1 is a prerequisite for calculus 2, so it is a bad idea to take calculus 2 at the same time as calculus 1.