I have undergraduate business school only freshmen stats in 2022. It is becoming two year old data but still very helpful.
PENN: 6.03% acceptance rate, 1497 Avg SAT, 38.10% National Merit Scholars
Stern: 7.16% acceptance rate, 1531 Avg SAT, 23.19% National Merit Scholars
Both schools are very difficult to get in. PENN is known to have students who have powerful connections and they can get in with less stellar SAT scores. So the average SAT score can be lower than that of Stern, but 38.10% of the accepted students are National Merit Scholars.
Stern kids have higher average SAT score as you can see from 1531 average SAT, however, Stern tends to have less National Merit Scholars than PENN - 23.19% which is still very high but less than that of PENN.
To put it simply, 38.10% PENN incoming freshmen had ACT 36 or equivalent SAT and 23.19% Stern incoming freshmen had ACT 36 or equivalent SAT.
SAT/ACT score is only one of many things schools look at. Score itself is not going to make us admitted.
However, as the acceptance rate is getting lower and lower, it is becoming increasingly difficult to get into top tier colleges. When all things are equal, higher score can provide us the chance to stand out, in my opinion.