Yes, you are a minority. However, because you are Asian, you are not an underrepresented minority as there are plenty of Asians in higher learning institutions. Therefore, you can check off minority boxes, but it won't really help you with anything unless you were poor growing up.
Whether or not you're considered a minority in the college application process depends more on your ethnicity than what language you speak. In fact I don't think you will have to write down on many college apps what language(s) you speak. You said you're Asian American, and depending on where you apply (for instance the US) you would probably be a minority. If you're looking for lower rates for tuition though you may want to look into specific colleges before deciding on where to attend. Each state takes different stands on how money is spent, and more specifically each university has different grants and scholarships for various people (you can apply for grants based on ethnicity, background, education, family income, etc.). You would be a minority in most colleges - but not all.
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