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Arts award?

My school only offers arts award for music. Currently studying it and have been recommended for the gold. I've been looking into it and it's a lot of work, probably more than a GCSE (though not verified that, could be wrong). Involves a performance etc. I just don't know if it's worth it. It feels a little bit insulting, like they think I'm not capable of a GCSE. The gold is worth UCAS points, but if I only manage silver or bronze it's not even really a qualification worth mentioning.
My school is specialist and resources are limited so I do understand why they do it this way, just a bit annoying. They initially wanted me to do an arts award in art, but as they offer the GCSE I've put my foot down on that one (I'll only be getting five so I don't want to lose one).
Anyone had experience with this? Do colleges mind an arts award vs GCSE?
Thanks