Kpop42 made a really good point there. In Advanced English you are competing with the best English students in the state. English Standard usually consists of individuals who struggle with English and students who pretty much hate English in general. However, just because English Standard aligns badly (let's be honest here) doesn't mean you can't achieve an 80+ ATAR.
Quite a few students (around 8) I know received band 5s and high band 4s (77-79) and achieved an ATAR of 80+ in my grade. (We did the HSC last year).
You can get a good ATAR with Standard English as long as you put in the effort. 2 students from my grade achieved an ATAR of 93-94. They did Standard English and achieved a band 5. My friend and I both achieved 95+ ATARS with English Standard. However, we both achieved band 6s for English Standard (and did well in our other subjects).
Keep in mind you need to do well in your other subjects too! It's important that you do well in English but also do well in all of your other subjects too (I don't know what subjects you are doing so keep in mind some subjects are harder than others). Yes, English is compulsory and goes straight to your ATAR. However, all those students I mentioned above from my grade made sure they did well in their other subjects too. Work hard and you will be rewarded. : )
As Kpop42 has noted, look at what degrees you are interested in and whether they require pre-requisite subjects. If there is a degree where English Advanced is a pre-requisite, then do English Advanced. If the degrees you are interested in do not have a pre-requisite for English Advanced, base your decision on whether you like Shakespeare, you're interested in English, you enjoy English etc.
Worst case scenario, ask your English teachers for advice too (if all else fails above).
All the best. : )