Hello Luka - My wife is an IB Theater teacher and she shared the following feedback. I hope it helps:
"Colleges would place “value” on SL/HL more depending on what you plan to study in their programs. If you want to study engineering at Rice, they won’t worry much about whether you took SL/HL. In the long run choosing your path should be in assessing where you will earn the best grades.
IB Lit is hard core reading and analysis of literature
IB Lang and Lit is considered “easier”, it has a wider variety of units. Speeches, marketing, language like slang usage, etc. I hope that helps!! (Not my arena of IB expertise) "
I suggest a chat with your IB counselor at school as well as they might have some good insight in to this.