In my (never-to-be-humble) opinion, the true study of jazz is one of the best ways to understand the structure of music. Although it will help with rhythmic awareness, there are many styles that do (ragtime, boogie, etc...). More important to me is the understanding of chords and progressions I've gained from studying and playing jazz. I've become a better songwriter, a better improviser, and an all-around better musician.
Having said all of that, I still study classical as well. It's the best way to master technique, theory, and dynamics. Stay well-rounded in your studies!