Yes, it’s true that scholarships labeled “prestigious” usually have lengthy applications, require special projects, and are certainly more competitive than most. But if you’re eligible for one of these scholarships, it definitely can’t hurt to apply.
After all, someone has to win. If you’re one of the lucky ones selected from hundreds or even thousands of students, not only will a large portion of your undergraduate tuition be covered, but you’ll also gain an incredible amount of honor and opportunity from winning. And if you don’t win, you still have a lot to gain by going through the application process.