My Etsy shop was maintained on a part-time, hobby basis, which made it easier for me to balance with academics. Usually I would come onto Etsy to unwind after class or during study breaks, even for brief periods. My creating and even description writing was very cathartic for me. I knew an artistic outlet like this was only going to be good for me as it helped me to stay grounded, and gave me something extra & fun to look forward to when study periods got more intense.
If I had a big midterm or exam coming up, it was never a problem to, if necessary, put my shop on vacation mode for a day or two. I only ever had to do that a couple of times though. That's in large part because the majority of my inventory is ready to ship. Or I'd just tweak estimated turnaround times in my shop announcements.
Hope I could help!