UT Austin offers Priority Application - what is Priority Application ?

Colleges and Universities A-Z The University of Texas at Austin
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I am trying to understand the “Priority Application” option offer my UT Austin. So that I can decide whether this option is suitable for me or not ? Can someone please help me to understand that Which of these following options could be equivalent to “Priority Application”:

  1. Non-Restrictive Early Action
  2. Restrictive Early Action
  3. Early Decision
    If it is neither of above three categories, then what exactly is it ? Will that still restrict me to apply under EA option to other colleges ?
2

https://admissions.utexas.edu/apply/freshman-admission/faq

Basically like non-restrictive early action, though the time lines are different from those of many other colleges.

Priority: apply by 11/1, decision by 2/1 (but deferral to 3/1 is possible in addition to the usual final admission decisions).
Regular: apply by 12/1, decision by 3/1.

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Just submitted…now the wait…