Yes, you can use the priority indicator for that, because each meeting has a different importance.
Depending on the priority (high or low), the Scedule algorithm evaluates your availability and preferences differently. Because the dates proposed reflect your remaining capacity of a day - and also the capacity of your invitees.
The idea behind: A working day full of meetings is not suitable for a less urgent topic. For an important meeting, on the other hand, even the smallest gap in the calendar should be used.