I’d say that if you enjoy studying foreign languages and you do well in the class then it is a positive to take the two languages as long as the second one is taken an elective and not at the expense of a core course. IMO it is never a waste of time to take a class you enjoy and learn something in.
Will colleges like that you have two foreign languages? I guess they will - it tells them something about your interest and aptitudes and it shows achievement in an additional academic course. But taking a second language won’t get you into a college you otherwise wouldn’t qualify for.
My bottom line would be if you enjoy the second language and do well in it, by all means take it. But don’t do it just to get a bump in the college admissions process.