As an MSI or MSII, the official or "record" APFT doesn't mean much in reality, as along as its a passing score. It usually figures into your grade for PT if your school gives credit for that class. Many BNs do have some sort of informal or formal competition between classes that serves as recognition and motivation - posting highest overall scores, class with the highest avg, fastest run, etc.
As an MSIII, however, both the fall and spring record APFT are calculated as part of your OML score for accessions - very important to score well here.