TBH, SAT M and MATH2 aren’t differentiators at a certain level, and Physics is based on Physics knowledge, not advanced math. SAT/Math2 max out at high-school pre-calculus topics. My D’s math team is current covering Sophomore college-level number theory.
Pretty much everyone on her varsity math team have maxed those tests (she 800’d Math2 in 9th grade, SAT in 8th), but only 6 of them qualified for AIME last year. And most of them are in the 2-5 AIME range. It certainly helps differentiate where the other tests can’t.
Whether it matters depends on the school and major. A math major applying to MIT, CalTech, CMU - they are certainly aware of the MAA Tests and consider them in acceptances. I suspect math admissions at many other schools would recognize and value it. Other majors? A nice EC.
It’s like winning a national competition and having a story published in a literary book. Meaningful for an English major. Nice to have for an engineer.
It’s not a magic wand, but it’s a significant academic achievement that goes in a student’s plus column. More meaningful in some places than others. It’s certainly not going to “make up for” GPA and test scores, but it can serve to differentiate among students who are at the extreme.