You can consider priority and severity as orthogonal values.
The severity may indicate how expensive the error is: a low degree of severity may be “the color of this icon is incorrect”, and a high degree of severity may be “computer hunting down and killing a user”.
The priority is how to urgently solve the problem. An icon that uses the corporate color of a corporate competitor may have high priority, while a fatal error that may occur once every million years may be low priority.
You can then work on things based on the severity priority; what is medium severity and medium priority may be more important than what is low severity and high priority.
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Discloser: Trac