I would say you could find something better to do because of my opinion. I also thought you were a Criminal Justice / Psychology graduate? You could intern somewhere along that path instead unless you already have a job there.
Were you going to do it for fun or for the experience? Consider what you have to gain and what you have to lose. Is it worth it in the end? Do you see a future with Riot Games?
Honestly, it all depends on what you're looking for from us. If you want a confidence booster, I'd say do it because you're better than 90% of the other people here at creative design and you have one of the most professional attitudes here on the forums. If you're looking for advice on a life decision, ask people who know more about life.
Regardless, if you feel like applying isn't too much of a commitment, do it and then make your decision if Riot accepts it.
If my life still wasn't such a mess, I'd apply too, but my lack of confidence, focus, motivation, and money prevent me from seeing it as a viable option. And everyone knows I'm not a people-person.