Yes and No.
Yes as far as your success in the competition is concerned.
No because it has some value as discussed below.
It is popular belief that good students read newspapers and magazines. But it is not correct. Good students do not have to read newspapers and magazines.
Some people say reading newspaper improves your English. Yes, it does. But in a very slow way. You can improve much faster by learning what you do not know and with the help of personal tuition.
The value in reading newspapers and magazines is “entertainment” and “general awareness”. Just like you watch a TV serial or a film. In addition, newspapers and magazines are very good for you to practice reading fast, reading very fast, and still understanding the essence of the writing. Textbooks are not the best for such practice.
If you have General Knowledge as one of the papers, then reading newspapers and magazines has a value. Even then, I suggest that you spend more time on reading some books on General Knowledge rather than wasting too much time on newspapers and magazines.