To be honest, I do not think it should be something you feel forced to do. I believe that the project should come as something you believe in, that you feel motivated to work with.
For instance, I went to Law school and I always have been interested in international relations. There, on my second college year I joined an European Law School Association, were I came across people all over Europe and contact with a diversity of topics that really interested me. Also, I was part of Students Association, as member of the Marketing department. I met a lot of cool people who shared my interests and we were able to work together to school community.
At the end, when I finished my Bachelors, I really felt that I've developed a lot of soft skills (communication - namely, public speaking, group dynamic and interrelationship skills) that are nowadays very important to my professional and personal life. Also, I can guarantee you that participating on this extracurricular activities was important for my access to a Masters' degree in International and European Law. Even though I was an average student, I was among the top 10 students which access was granted to the LLM, as the University in question considered that 50% of the admission grade should value the student's CV.
So, wrapping up, it should be something you really want to do. I can guarantee you it will develop your soft skills in a way that classroom environment cannot, you will start creating your own network and it will, obviously, value your CV when looking for your first jobs. Also, even though I do not own the enough distance to state it, I believe it will always add value to yourself as a professional, in 10 years now. Just keep in mind what those experiences thought you and that you can use on your day-to-day life.
Above all, have fun!
Hope this helps :)