The answer is 'it depends'. Remember that MySQL will only use one index from each table in a query. and that a boolean field has a cardinality of 2, so it potentially doesn't reduce the number of rows to examine.
Furthermore, if (say) 95% of your Students are categorized, and you are looking at Student.objects.filter(categorized=True), then MySQL would ignore your index anyway, and do a full table scan. I'm unsure of exactly what percentage of rows before MySQL does this though..
The only correct answer is to fill your database with sample data, and analyze each of your queries in MySQL, and create appropriate composite keys that reduce cardinality appropriately for your queries.
Cheers
Tom