It depends on the college and if they limit the number of students per major.
But yes, you might be compared to the other Bio majors when applying.
If you apply as an English Major but are taking all STEM and have a 800 on Math and 500 in English, then they would not accept you as an English major who secretly wants to be an Engineer.
Also it depends on if you have to get into the Enginering school tot be an engineer.
if you really want to be a physics major then that may be something they need.
What happens if you are a physics lover but want to take a premed route in the future? Would doing Bio classes with physics C and in medical societies affect an application?
Yes, you can major in anything you want as a pre-med, you just also have to take Bio, Chem, Org Chem, Physics, Calc. Talk to your adviser when picking classes. A Biology majoris one of the most popular pre-med majors as many med school pre-req classes are already in the curriculum.