would participation in the race earns them any academic status?
No.
The Boat Race
. Likewise, bursaries and scholarship opportunities for athletes at the University of Cambridge are only open to those students who have already been admitted to the University on academic merit.

what is the venue of the boat race 2012? The River Thames. what is the significance of the race? There are separate men's and women's races, as well as races for reserve crews. who sponsors these races? In 2013 the sponsor was BNY Mellon. were there any sinking incidents during the race? Yes, in the 1912 race.
wiki:11739144
The Boat Race [SEP] Academic status
This has caused a debate about a change of rules, and one suggestion is that only students who are enrolled in courses lasting at least two years should be eligible to race.