Well I guess you're going to need both sides of the argument to make a decent decision, so here's my two cents.
As an Ex-EE2 student who performed top of his selective cohort in both Adv and EE1, I strongly recommend you ignore the subject altogether. Doing well in the Adv and EE1 course in no way guarantees you will do well in EE2, and contrary to popular opinion, the EE2 course does require a lot of work because realistically speaking, the markers are incredibly well-read and aware, and the students who approach the EE2 course with a "it's not really that much work, it's just write a short story/long essay and hand it in" idea nearly always perform terribly. Most students opt to do the short story form, and after attending an EE2 seminar run by "senior" (and I say senior because I'm not actually sure if that's their official title, but they were very experienced markers in any case), I can tell you it is the worst done textual form, purely because people genuinely think the course is about writing whatever they want to write about. There are limits within the EE2 rubric (mainly that it needs to connect to Adv/EE1 in some way), not to mention the general boundaries of story writing in general students need to be wary of. And furthermore, it is often ignored by students that there are different genres of writing which are absolutely imperative to explore before actually beginning to write, like magic realism, burlesque comedy, satire, avant-gardeism etc. The other forms available are generally more difficult to do, and when you choose your concept, you again need to be wary of the generic, over-done, and clichéd topics like teenage angst, death, anything violent, etc. It is intense in that the research you do on textual form is pivotal to being able to get any sort of decent mark. The markers absolutely hate students who haven't properly studied their chosen textual form before writing. This includes researching the history of the form, the conventions, the seminal texts that defined the form and made it famous, and most importantly reflecting on all the research material and what you've learnt from it. My personal research of textual form took up 40 pages of reflection alone, and I knew people whose reflection took more. Your teacher will also likely have more say in the progress of your EE2 major work than you would prefer, and if your mentor is not someone you get a long well with... then you're in for a terrible year. Further, they will sometimes even push you in a direction they might prefer, which is generally more smart to follow because they wouldn't force you into another direction unless they see you will not do well with your current concept. Now, if you're at a good school, they will push you to have a first draft done by Week 1 Term 2, after the summer holidays. This means all your research has to be done in that break, and you will have to have written a full copy of your major work in that time too. Of course afterwards, you will have it constantly sent back to be re-drafted (this will be different for those doing the multimedia and video medium, but the redrafting will occur regardless, just at a later date), and this process of editing is more tedious than you would think, because they will literally pick out every word that sounds terrible (and every event that is wrong with your story if you choose it). If you treat it leisurely, you will simply fail to get even an E3. It is tedious because the major work is due the same time as trials, and when you want to study or even chill after studying for a while (which you look like you will need to do with those content heavy subjects), it'll be that annoying thing you need to get back to doing and wasting time on. If you're looking for scaling, stay away from it. Even at 46/47 it's crap scaling, and it's even worse in comparison to everything else especially in comparison to the subjects you're currently doing. It won't even be in your top 10 units unless you actually get 48+. If you like English and want to write, do writing in your spare time as a wind-down. I highly recommend you don't waste time on the subject.
Edit: Sorry, didn't realise how long my rant went.
tl;dr: don't do it, harder than most people think