On paper there's no reason not to consider it. You meet or exceed the stated academic requirement, assuming you are in fact predicted A*AA or above at A-level.
Unrelated extracurriculars for your chosen subject, like sporting activities, DofE, music and performing arts stuff are of little interest to Cambridge (although other unis may be more interested in those). They are interested in seeing what relevant activities you've undertaken to prepare for the course such as wider reading, essay competitions, or for law perhaps mooting or something similar. They don't expect or require you to undertake any specific such activity but they will expect you to do something beyond take A-level exams. Wider reading is perfectly sufficient, but if you have the opportunity and means to undertake other relevant activities then it's worthwhile doing those.
An EPQ is of no specific benefit. If you have a particular project you want to work on, or research essay you want to write, which happens to fit the EPQ marking rubric, by all means do it. Don't do an EPQ if you're just doing it to add another qualification to your UCAS application and you have no idea or plan of what you might do and no interest in doing it outside of imagining that there is a tick box that admissions tutors have to give extra "bonus points" to students who take an EPQ.