How important is community service?

That’s one point of view.

Another is expressed by people such as college counselors.

Or by college admission directors in interviews.

Or by elite colleges in their FAQ. Stanford says

Back to the topic at hand, there’s nothing wrong, per se, with volunteer work, and I don’t think anybody has said there is. Helping out the community is a good thing. But we’re talking about college admissions here, and how to be an attractive candidate given a limited amount of time for ECs. The kind of coaching that kids with private counselors or attending prep schools get.

There is no requirement, implicit or explicit, for volunteer work to be part of what helps a kid stand out. If someone has a passion for volunteer work and really jumps in as an organizer and leader, that can be a great EC. What isn’t going to help an app is putting in 100 hours (or was it 200?) doing volunteer work just because you think adcoms expect to see it.