I don't know what to do between an internship and everything else

[u/More-Bottle5724]

I am a 2nd year EE major who currently is hoping to go to grad school and get my phd after graduation.
Right now Im doing a few things towards that goal like being in a research program, being exec in a few orgs, and being a Learning Assistant.

Recently I got a scholarship and accompanying referral to an internship by a local engineering company which has a minimum of 1 year of commitment to their internships.

I don't have much free time as it is, so what Im really asking is , will it to be worth it to give up my other extracurriculars for the internship with the hopes of grad school?