Everything is high priority is same as saying nothing is high priority. Yet everyone is busy doing something they consider high priority, and no one knows what that is and no one knows who might know what that is.
Everything is classified is same as saying nothing is classified. Yet we elect governments that waste our money in the name of security.
The system of security alert codes (amber/ red) retains meaning only as long as it is applied/ designated on a need basis. If an alert is RED all year long, it is the same as not having an alerting system at all.
The objective of tiering anything — whether it is security color codes, or data classification or everyday priorities — is the differential effort/ attention/ cost you apply to it. If everything to which you apply tiers, belong to the same tier, it is the same as not having a tiering system at all. That you have an ineffective tiering system means you are wasting time sorting them and/or money administering them.