Dance like many physical activities, does involve many physics principles. But it is more of a common sense physics, that we naturally learn in life or in our training for the activity. I don't think my physics minor helps me at all for ballroom dancing. Dances have different things like rock step, hesitation, fall etc that facilitate making major changes in direction of movement. You don't have to understand the physics behind it, you just have to know that those are points were major direction changes can occurred smoothly.
Studying physics and many other subjects, sharpens your problem solving skills and that is a plus for social dancing. Ability to quickly analyze situation on the dance floor and determine which moves can be done effectively is a plus.