IMO I would not think so. I think if you went to the selective summer program, you would be able to brag that "Oh I got in because I was good enough AND I had the opportunity to take advantage of a program that gave me blah blah blah valuable experience and it makes me that much more special".
If you just got in but didn't PARTICIPATE, you'd be bragging "Oh I got in because I was good enough". It would almost sound like you're trying to tell the program you're applying to that other people think you're awesome. I don't think it could ever hurt to just mention it on your application to brag that you were good enough to be selected to so and so, but I won't count on it to give you any more of an edge than if you had actually went.
Then again, I really don't know how "they" would view it, it's just my own opinion. Good luck!