To echo what nuensis said, yes, there are alot of perks to being a varsity athlete. You miss out of alot of formations/parades/briefs and stupid plebe stuff like SMT, noon training, morning workouts, etc... You'll also befriend many of upperclassmen who can, in turn, keep your civilian clothes or buy you steerage. Depending on the sport, you can go to your locker room and sleep or rate media. Your team, not your company, becomes your family. So yes, many benefits.
Club athletes don't enjoy the same privileges as varsity athletes (Unless its Rugby/Hockey). Club sports, such as fencing/martial arts/pistol, will still eat up your sports period every day but rarely excuse you from stuff.
My advice: Give crew a shot during PS. Unless I'm mistaken, half the crew team is made of walk-ons. Crew is a huge time commitment, though. During the ACYR, You're up early every morning and many of your weekends are usually shot. Yet it pays off in the end and your plebe year becomes alot more enjoyable.
Hope this helps