I'm glad to hear my response was helpful, iui! Sounds like your application is good, I wish you luck!
My school is honestly not the best in terms of academics, but we (by some crazy miracle) had 4 Monash scholars, and we were all called up by the coordinators to apply. Presumably similar to AngelWings, it wasn't really an opt in thing. Also I'm still confused by this but I think the coordinators also gave letters of recommendation to other students but those students never filled out an application?? I don't know how that worked. Only I got in which is actually quite unusual, typically it's 2 people (or more if the school is super smart).
In terms of KLDYS events, to be honest, we haven't done much so far. We did the welcome event, which was actually really fun. I met some cool people. There were campus tours, which I wanted to attend, but unfortunately I was not free. It seems like it went well! There are also revision lectures for unit 3/4 subjects (though the selection is limited). I also did not attend these as I am actually not completing a 3/4.
Like AngelWings said, you get access to the UoM library which is really cool. I seek to undergo Extended Investigation next year and foresee that I'll be using that a whole bunch.
And again, as AngelWings said, the networking is absolutely invaluable!! I'm not super active in the Discord server, but I coincidentally met someone from KLD at a local program we have since become great friends! People also share subject resources and opportunities (nerd stuff, like camps, Model UN etc.) and I always keep an eye out for those. You can also receive support and support others regarding your subjects, which is super helpful.
Also, as I have stated, I'm a Monash Scholar, and tbh what you get out of KLD is much better, but the Monash Scholar events are much more fun.