I can't speak for Engineering. But yes, there is a Faculty Night and that's when we go off campus and we have food, music, other activities, and get to meet people. All Faculties have this.
It's fun to go to and you meet people in your faculty.
That being said, in my first year, I never went.. but I still made a ton of friends after (possibly because I'm in Nursing and since it's small program we all get to know each other). But for other people in larger programs I think it'd be helpful to meet people and get to know them in a more chill atmosphere.