Hello! Asian here. In my school, being class president is a huge deal and also from what I've seen can be super stressful especially in a high grades-chasing environment. Aside from being an edge for college applications, the role causes you to be considered as the teacher's point person. Most of the time you have to deal with loads of responsibility that people who aren't vp, secretary (we also appoint these in our class) wouldn't understand. Class president may also manage attendance, will mostly always the one who has to answer to the prof/teacher's questions about the class in general, and overall will be carrying just a bunch of sht that comes with leadership and class management. Idk about other schools but from what I've experienced that's what I feel the gravity of being class president is.