At DD’s high school, it is basically an English elective. Students who scored high in the PSAT 8/9 (used as our HS placement exam) were invited to take it. DD took a pass because she knew her precious few elective slots would be better spent in elective classes that were a better match to her area of interest (CS).
Half the criteria you’re using to make the decision (e.g. “Is it an easy A”, “Will it look good to colleges?”, “Will they give me credit?”) seem like the wrong questions to me.
I would dig deeper. If an English elective is exactly how you would like to use up an elective, and it is the picture you want to paint with your transcript (and for some people it is), then go for it. If you are a budding engineer or computer scientist, while there are skillsets to be gleaned from the class, there are probably other electives that may take you closer to the direction you want to go in.