Yes, it does have value I’m not trying to say it doesn’t.
If, example, Colson has a strong rookie season, a really good 2nd season, then blows up in year 3 he is either going to sign one of those sweetheart extensions, sign a big time extension, or get traded because neither of the first two options happened. All of those scenarios make an extra year of control trivial in the big picture if you’re dealing a rising star with 2 to 2.5 years of control left.
The White Sox have a massive hole at SS, one of the better SS prospects in baseball, and a turd of a season on the horizon. If he wins the job, give him the job. I’d wager that has a pretty strong possibility of happening.