Yes they do. However, at the D3 level it's all about academic scholarship money and grants the coaches are able to recommend the athlete for and usually get them accepted. At the athletic level, few, if any college players, will go on to play professional ball (assuming there is still a NPF or equivalent when they graduate. Since only the P5 conferences in D1 (I believe) have to guarantee 4 years, most others go year to year. Let's say, as an example, your DD receives a 50% athletic scholarship to a D2 and she goes there. During her Freshman season, she has a career ending injury and you're dependent upon the scholarship money to attend. Now she can't since most, if not all, will give that money to other recruits. OTOH, had she worked on her academics and went to college on academic moneys instead of athletic money (or a small amount of AS money), she'd still have the financial wherewithal to continue her education at that school as long as she maintained her grades.
Another thing to think about. An awful lot of college coaches love players with high GPAs and ACT/SAT scores because that means there is less athletic scholly money they (usually) need to offer which in turn means they have more to spread around to other players that may not be as academically accomplished.
In other words, Student-Athletes are in college, for the most part, to get an education so that they can build a career in which they may attain the lifestyle which they want to live the rest of their lives in. For 99% of college players, SB isn't going to be it.