Here's my 2 cents
If it's a scholarship everyone and their mom got (something that's given out a lot), then it probably won't have much of an effect
If it's something only a few people got or is presigious, definitely list it and make note of its importance.
I suppose it wouldn't hurt to list it even if you're in the first case, but don't let it take up an entire activity if you need the space. Personally, I listed all my awards under one activity and described them as needed.