I think ‘only’ is too strong of a thesis here. Because there is definitely more to ‘excellence’ than social impact.
And I think you’re right. But ‘social impact’ should start with very basic things: social well-being. My experience with NTU thus far is that is gives scant concern about student well-being. Universities in Singapore right now are too profit-driven, and they have very little incentive to care for their students.