State College PA is a college town.
Lancaster is just a nice small city with a few colleges in it.
Lancaster is much larger than either, though different cities have varying land areas they count. Lancaster is also the seat of its same named county.
I look at 'college town' as defining somewhere where school(s) are located, and the population count of 18-24 makes up almost 50% of the population. Newark, DE (University of Delaware) and Bloomsburg, PA (Bloomsburg U) seem to fit that better.
[0] https://en.wikipedia.org/wiki/Lancaster,_Pennsylvania#Econom...
[1] https://en.wikipedia.org/wiki/State_College,_Pennsylvania#Ec...
In contrast: Lancaster City has ~60,000 population, F&M employs ~1100 [0] and F&M has 2400 students. That accounts for 5% of the population during the school year and <2% of the population permanently.
[0] https://www.linkedin.com/school/franklin-&-marshall-college/
So even if there are schools there the feel is more young adult than college student.