You have to set your own criteria based on your priorities. Often, it will be a family decision, because if you attempt to walk on, you’ll most likely either have to take out a loan or rely on your parents to pay for your education. That can be a difficult situation, especially if you already have a scholarship offer from a smaller school.
Most recruits want to hold out for the biggest offer they can receive, but biggest isn’t always best. You want to go where you’re needed and where you will feel most comfortable. It’s difficult to crack the rotation of a high-major school. Being on scholarship will give you a better opportunity to play than making the team as a walk-on in a high-major program, where most walk-on players are locked in as practice players.
That being said, you can make improvements and put yourself in a position to play one day by working as hard as you can and producing in practice.