How much do colleges like Competitions vs Research

I’m currently working towards the Physics Olympiad and putting forth a lot of effort into my studies. However, one of my friends got a local internship at a UC assisting a professor with Physics research. Considering that it is unlikely for me to do extremely well on the Physics Olympiads (maybe Silver or Gold at USAPHO), should I instead shift focus more towards research from a college admission standpoint?

Elite colleges rate the worthiness of that activity as a function of race.

Do you enjoy Physics Olympiad? Do you enjoy research? Continue the one that interests you.

Do what you enjoy.

Neither activity is inherently better than the other. What matters is the amount of dedication you show to the activity and what you accomplished. So, as the others have said, choose what you enjoy more.

I agree do what you enjoy