You'll soon find out that this old guy knows less about music than anyone so take my comments simply as being interested in what you ask. Although one does not often see a classical guitar in a jazz group or country band due to its inherent limitations on volumn, its set up not readily accomadating strumming, etc. I have heard from my own college professor some of the most astounding jazz, rock leads, and contemporary pieces you will hear anywhere from anyone. He has a Star Spangled Banner arrangement that will make what to you stand up and salute, if you know what I mean. The instrument itself, the discipline in technique, the limitless color of the muscians skill as well as the broad range of the types of music learned (chords, scales, jazz progressions etc) presents no limits other than the muscian's own ability. It is nice from time to time to hear an electric guitar or bass rip a piece or, down in south USA, I'm really amazed that some country acoutic players can make a guitar walk, talk, cry and dance a gig at the same time. But in the final analysis, there is nothing quite like hearing a Bach piece played on a CG nor nothing quite so rewarding than playing one of the masters yourself. So...... don't be hesitant or think you are missing out on something. There is a world of wonder to discover in CG ... you just have to passionately go get it.
Good luck in school ... an education what a great opportunity .. don't waste it