Go back several years through SAF and look up threads on the full name and acronym.
Many will chime in and say how it's an outreach program, which it is. However, it's up to you to read the posts and parse who has actual knowledge of FVE, and who's chiming in with an opinion based on other programs. No one knows, unless you are on the FVE selection committee. In my DD's experience, there was no other program that was as selective, organized, or comprehensive as this - 4 days, 3 nights, all expenses paid plus airfare for 2 rounds of 30 candidates (plus another for enlisted and one for Juniors). She was selected for all 4 SA summer programs, SLCDA (RIP!) CVW, USMMA recruiting trip, Genesis, and FVE.
The email probably says something like "you will add intangible value to USAFA's mission...." Diversity is more than race, it is many things, to include underrepresented districts, as well as academic recruits, enlisted recruits, and in general, highly desired candidates that are not athletic recruits.
Regarding missing 4 days of school: I have VERY strong opinions on that. GO TO FVE!!! You worked hard in school and all other areas to be selected for these programs, not to miss out on them in order to do...more schoolwork. You may be familiar with AFA as the child of an employee, now is the time to look at USAFA through the lens of a candidate. You are not taking someone else's spot - you earned it. You fit some peg that USAFA is looking for, don't waste time trying to figure it out, just know you are 1/60 in the cycle (or however many they take as it's virtual). This is going to be your life for the next 4 years, then 5 years, then 3 years at a minimum. Attend, and keep an open mind to learning something you didn't know about USAFA!
Congratulations on your selection!