I think this question is better suited for people at your university. Talk to current students in the college and ask what they think. Bonus points if you find someone that decided against it or left the college and ask why they did that.
Whether or not an honors college is worth it depends a lot on what membership in that college entails. Is it just a label and shows that you took harder classes? Then idk how much that helps. But does it allow you access to more resources and opportunities that will help you succeed? Then maybe it will help your application indirectly.
At my institution, being in the honors program gave me access to smaller honors classes which makes it easier for someone to participate in class and build relationships with the professor (get rec letters). That's only one of several different advantages an honors program can give though.
But ultimately, I don't think you should make the decision based on how much it will help your app. You should decide based on how membership in the honors college will change your undergrad experience. And if that is worth all the strings that are attached, then go for it. If your institution is like mine, then you can just leave the program without consequences if you don't like it.
Personally, the main benefit for me was living in the honors dorm which introduced me to some of my best friends. Does that help on an app? No. But was it worth it for me? Yup.