Even if business schools have the capability to track applicants’ activity on their website, I highly doubt they have a room full of people dedicated to track how much time each of the 8000 applicants spent on their website.
On the other hand, you should be spending a lot of time on the business schools’ website. I agree with the people who’ve answered and said that you need to know every public information about the business school. And information on their website is the most crucial amongst the public information.
It would help you in multiple ways. Firstly, it can definitely help your case in the “Why this school?” MBA question. While you would need heavy networking to answer this question, public information of the school like their employment report can contain relevant facts.
Also, it would help you formulate your networking questions. Optimal usage of your source, be it, alumni, a current student, or an adcom, is the most important thing during networking. If you start by asking your source questions that could have been answered simply by a google search or visiting the college website, you will be wasting your networking efforts and giving a bad impression of yourself.