First of all, definitely, yes.
Rewards can be divided into spiritual and material aspects. The material level of rewards depends on the regulations of the patent applicant (that is, the patent owner). If you are the owner, you have to pay to apply. Of course, the school may have indirect rewards for this, such as increased scholarships or invention awards.
Student invention patents are more important on the spiritual level. The success of your invention will encourage you to continue to invent, and there are certain rules to follow when looking at problems from a patent perspective. This rule is written in the patent law and examination guidelines, but not everyone can understand it. If you understand it, It is possible to have a greater inventive ability than others throughout your life. On the other hand, the standard perspective is very similar to patents. Good patent training also lays the foundation for standardization.
In today's society, if you master patents and standards, at least you will not be hungry.