UT Austin Priority Application

I’m wondering if applying by “Priority” date means anything for UT Austin? For other schools such as Urbana-Champaign, they clearly state that priority applicants have a higher chance of admission for programs that are very selective. They also provide a definitive decision date for priority decisions i.e. December 14th. For UT Austin, what does priority application even mean? Is there any advantage over regular admission?

Their definitive notification date is Feb. 1, which is 1 month earlier than regular decision.