R&D spending is a good indicator of the amount of research taking place. A school like UT-Austin or GT will offer far more options for undergraduates to get involved in, than UA. Yes, an Aerospace Engineer (AE) major at UA would be able to get involved in research, but one at GT will have far more areas of research to choose from.
But how much does that matter?
Most engineering undergraduates do not get involved in research. (Most also don’t complete an internship/co-op before graduation, but that’s another issue). While undergraduate research is important to those seeking grad school, it isn’t for those seeking employment after graduation.
If you do want to get involved in research, then the amount of R&D spending is something to consider. You’ll also want to consider what type of research is actually taking place on campus. If UA offers research in a field you’re interested in, then that could meet your need.
I wouldn’t pick GT over UA, based on R&D funding alone, but if I was an AE that wanted to do research in Rotary Wing Aircraft, then that could be a solid reason for choosing GT (which does extensive research in the field) over UA.
If you’re not really interested in research, but would like an internship/co-op, then look into a school’s career services and job fairs. How well recruited is the school? Keep in mind that internships/co-ops could also be gotten via networking (Uncle Phil’s friend has a sister that works at CSX) or by applying on-line (and doing phone interviews).
A third option to consider; engineering design teams. An AE at UA could, for example, join the Drone Team. Or perhaps an engineering student would want to join the UA Formula SAE Crimson Racing team. UA (and other engineering schools) would have several “design teams” to consider. Employers put a lot of value on these design teams (it shows teamwork, builds skills, etc.). I can easily see why a student would rather work on the racing team, than do basic research.
http://news.eng.ua.edu/2016/01/lifting-off-ua-engineering-drone-team-forms-looking-expand/
http://fsae.eng.ua.edu/
Good Luck!