It’s a “hook” - something that differentiates you from students with your same stats. There are also certain scholarships at many schools established for first generation students. The idea is that students with college educated parents got a leg up academically from early on in life so first gen kids probably have even more potential than their high school record shows.
You want to find a school that recognizes the challenges facing a first gen student - I think that’s probably a more important question to ask than if they’ll consider your status as a hook. It can be very lonely and isolating to be the only kid in college whose parents don’t really understand what you’re doing there. Cultural expectations can also be a problem. You will likely have more personal hurdles to overcome than the students who take the opportunity for a college education for granted. My husband was the first in his family to go to school and he ended up with a PhD in electrical engineering. He had a wonderful time in college but it was pretty stressful to have no family who supported the process so that’s why I say looking for a school with good support is important.