For D1 competitions, ICs will usually be excused from military duties scheduled during the trip.
I was a NARP on a fairly active club team. Anything that adds significant time to a cadet's schedule is going to make things tougher. ICs get some scheduling preferences for morning classes, but their afternoons are scheduled out. In the end, that makes their schedules very busy. Remember talking to one classmate who commented that if he put the "expected" time into studying outside of class (100min per class, per lesson), he would have had almost no time to sleep at night (his schedule, including sleep, worked out to a 26-27 hour day, IIRC). Obviously, something had to give, so he skimped a little on his study time to make things work. Some cadets can make it work. Others find themselves on academic probation quicker than they expected, and wind up dropping their sport. Time management is important for any cadet, but it is critical for ICs.
Pros and cons:
Pro: competing in your sport. Having another team of people to hang out with and support each other. Some preferential scheduling for classes and military duties. More travel opportunities. (for 4 digs, lunch at ramps tables and upper class teammates)
Cons: VERY busy schedule. You'll have to work harder to keep up with military duties and squadron activities. The ICs that I respected a lot put in extra effort to be present in the squadron's activities and military events. I can vouch that it sucks to have to race back to Mitch's 5-10 minutes before they close, so you can get dinner...but not be able to eat for another hour because you have meetings/squadron functions to go to immediately...then at 8:30-9:00PM, right after finishing dinner, you can go figure out how the squadron activities for the day went by talking to you peers. You might be able to sit down for some homework after that.