For most people, it is a STRUGGLE to find a balance between maintaining your social life, while also being academically driven and focused. I have seen so many people who are such extremes, either being completely focused on their social life and maintaining their 'status' or being immersed in trying to get the most out of their education.
Which one is more important? Well, they both are! Having a social life not only keeps you from being lonely and not having anyone to talk to, but helps develop social skills that will come in really handy when a job or school interview comes around. Having a healthy social life also is a good outlet for the daily stress and anxiety that everyone gets; therefore having a social life is extremely important.
On the other hand, academics is what really gets you places. Whats the point of having people skills when you don't actually know anything? I won't go into the importance of education as everyone probably understands just why we need academics.
Finding the balance between a social life and academics is key for having a happy and successful life. You need to pick and choose times and situations where one is more important than the other, and that takes practice! I have yet to meet anyone who is completely satisfied with their balance between social and academic as it is a struggle that everyone constantly has to go through in life.