It might. You really don’t know for sure, especially since those highly selective colleges typically list their high school preparation as recommendations, and they evaluate your academic strength subjectively and opaquely. I.e. replacing one of your other courses (none of which appear to be “fluff”) with French 2 may be a net positive or a net negative, and it may differ from one highly selective college to another.
If you know any insiders at admission offices of colleges of interest, or you attend a high school whose college counselors are well connected to the admission offices of colleges of interest (e.g. an academically elite prep school), then you may be able to get better information for those specific colleges. Otherwise, you may want to see what the colleges recommend on their admission web pages (and what they say when you ask directly), considering the context of your entire four year schedule. Do not be surprised if what is helpful for one college may be harmful for another college.
One other consideration about your course choices (foreign language or otherwise) to ask your counselor is whether the choices will affect whether s/he will give you the “most demanding” rating for course rigor and “one of the top few I’ve encountered” for academic achievement.