Pug
Do you really have to pay for both days even if you fail day one? If that's the case then absolutely, get your moneys worth, the experience will not be wasted.
However, it would then be easy to be seduced into thinking that having gone through both days and "passed" (despite having failed to get into the mentored scheme) that you should sign up to the course anyway. It is this against which I caution since the most important question any prospective student should ask before embarking on a course of training is this - Where will the job at the end come from?
Better off sitting tight for the next mentored scheme to come along (even if you have to wait 12+ months) rather than sign up on impulse to an unmentored scheme.