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No. Its purely to raise the rank of the college as a whole by btd
I was shocked how well it has worked for a lot of colleges in the region. Go look at US News college rankings. You likely will be shocked to see Florida ranked #30 (ND #19). I was very surprised Clemson was in the 50's and Florida State has climbed about 75 spots in 5 years.
They are all very overtly throwing money at the kids scoring 30+ on ACT and A students as a means to get them to go and to increase their rankings. The honors programs at these schools offer living perks, free ride, etc.