It really is a weighing of the risk and figuring out the best deal. My daughters have a few scholarships with different gpa requirements (not 3.5!), but those were the best choices for each at the time. I do think sometimes you have to take the chance and then do your best to meet the requirements. Take classes wisely. D#1 doesn’t do well with math, so she didn’t take that first semester. D#2 doesn’t enjoy English, so put that off for a semester (and then did just fine).
Yes, if you have the choice of School A with no gpa requirement to keep the scholarships, great. If School B has a great scholarship with a high gpa requirement, and School C has an okay scholarship but a lower gpa requirement, you’ll have to decide if the risk is worth it. Hopefully, everyone has a School A in their acceptances.