There are many valid reasons to want to take it but I would not take it solely to prep for the MCAT its just not worthwhile
Don't take electives for the purpose of preparing for the MCAT there are just far more efficient ways to prepare. The way the MCAT is trending physiology is honestly being de-emphasized to some extent if anything in favor of molecular bio related topics
Are you asking about this because the class is titled "medical physiology"? If so, my answer is no because my regular, non-fancy titled physiology class covered all of the same stuff. I fail to see how this course would be an advantage unless the regular physiology course at your school doesn't cover the same material.
I did find it helpful having taken physiology when I studied some of the bio stuff for the MCAT, though. If it is between this and micro, I'd do the phys course.
What's the difference between regular physio and this physio course though? Since physiology is the foundation of modern medicine, I find it hard to imagine a physio class that is not applicable to medicine - the basis of my comment above.
If there is little difference in the material and you are already taking biochem, it may behoove you to put off phsyiology for now assuming you are not a senior and the physio course is offered later.
But as I said, I found it helpful to have physio when prepping for the MCAT. You did not indicate when you plan on sitting for the MCAT so my above suggestion my be null if you cannot take a physio course between now and then, but if you think you could get to know the prof and get a good LOR, then go for it.
@futuredoc520 All the information in physiology is useful and the best way to reinforce what you learned in anatomy. If you have ever taken any of the AAMC question packs they have a warm spot in their hearts for things like acetylcholine and usually put a couple of physiology questions on the exam.