That, and money allows you to cheat in this world. Bribery. Seen it happen on a private school.
I believe earning some money for yourself as young kid (edit: specifically, I mean ~teen and later) is good, as it allows you to feel accomplished and teaches you to deal with money (ie. learning to save). It feels very different to do that with your own hard earned money than with pocket/birthday/clothing/allowance money. Not too much though, as the wage is ridiculously low, and the work likely repetitive and boring. It also teaches discipline.
And that last word, is a keyword to higher success, on top of money. You need both; not either.
And I don’t know that we necessarily want to encourage people to “sacrifice their teenage years” by rewarding people who do so. I did well on the SAT, and I didn’t spend all my time partying. But I definitely don’t feel like I sacrificed my teenage years.
I certainly don’t want my children to look back on their childhood like that.