The time on the team is of value and as mentioned earlier it speaks to your industry motivation factor. It may simply give you a segway to a discussion about leadership (will you take a role on the team that gains that experience) or you can add it to your experience in another way that you can then discuss in answering open ended questions such as " your grades are great but what else were you involved in while attending college?"

Add it.
NIFA is a good experience and you only get out of it what you are willing to put into it.