In general, spending one's time diligently in the library does get noticed. Perhaps not with a scholarship offer, but with a higher GPA which would lead to greater economic opportunities upon graduation.
It is notable that you're more concerned about scholarship money than actual sport participation. MANY collegiate athletes participate without such compensation. In fact, of the roughly 355K students who participated in NCAA sports last year, over 136K were at Division III schools which do not offer athletic scholarships.