My diploma thesis advisor told me not to read EGA/SGA, because it was written at a time when they didn't know which generality was necessary (and I'm doing algebraic geometry).

But I found some parts of SGA4 useful, since it was referenced in a text I was reading and I couldn't find the stuff I needed anywhere else (and I searched quite a lot before I finally started reading SGA4 seriously).

I tried to read some of EGA and the other SGAs but I lack motivation to do so.

So my recommendation is: Don't read it unless you have to.

(Well, obviously I don't know when a student "has to" but I guess the other participants of Math Overflow can give you/us an answer to this question.)