Not really, no. The EPQ is more like an extracurricular/addition to your studies so you can talk about it in your personal statement and gain more UCAS points, if your uni choices use them.
Should you? Probably not. Most universities encourage it but do not consider it to be equivalent in value to an AS level, and it definitely wouldn't be part of any entrance requirement. As others have mentioned, it's more similar to an extracurricular than a school subject. My school doesn't even timetable for it - students are expected to do the EPQ during their own time. Can't you do the EPQ on top of the four subjects, or do it in Year 13?