Yeah its great if you want to work in engineering it will give you a real edge. However, I personally think that it does take up lots of time. 2 meetings a week at an average of 2.30hrs each depending on your squadron. Its not just that though, you have to make sure your uniform is washed and ironed for the meetings and if ur a girl your bun is done which is an extra 30mins. Then there is sports events which you WILL be expected to attend, Wing events, Parades (i.e. battle of britain), volunteering.
Its really good but it is a big commitment. In my experience its a marmite sort of thing. Some people love it, make all new friends, go on all the camps and just love the atmosphere. Others hate it, and all the discipline, the waste of time and the repetitive marching.
Lastly, yes you get to fly. But not very often as it is high in demand with little planes and also not until you have been enrolled which will be a few months after you join.