My husband had one. As a prof, I selected our school’s nominees for a few years and two of them went on to become Fellows. DH also had a younger colleague who won one.
None of these are people who ended up in politics/government/public service, though all of them are very successful in other fields (law, academia, media). When I worked for another Presidential fellowship program, the Administrator said our program was deliberately designed to make sure people who got the award actually went on to do the kinds of things the program was meant to incentivize and that they were learning from the Truman program’s mistakes.
What does this mean for your kid? It’s prestigious, lucrative, and not constraining. The $$ really helped my DH back in the day. And fellowship money for professional schools is not that easy to come by.
Awards are by state (and maybe region) and kids from small states at nationally prestigious schools seem to do well.