I know a few PMEs. They encouraged me to apply and I wasn't that interested (I was already a member of Golden Key from my undergrad days and it was pointless). They encouraged me to apply again basically guaranteeing that I would get it because I knew so many people and was a Masters student and so I applied... and was rejected. They encouraged me to apply AGAIN and I told them exactly where to stick their application.
So yeah, it won't be going on my application either. I'll just have to fall back on my research and my job experience.
However, if you dedicated any time to PME and weren't just a figure head VP, you should definitely put it on your CV because it shows dedication to the field. This is especially true if you did something like organized/sponsored any talks at your school.