Understanding Wan Connection Priority under speedfusion PepVPN profile

Looking for some examples on how setting priority from 1 to 2 or 3 would be used under WAN Connection priority under PepVPN Profile under Network->SpeedFusion.

It says “only available WAN connections with the highest priority will be utilized” so does this mean that only priority 1 WANs will be used unless those all fail, at which time only priority 2 WAN will be used unless that fails at which time only priority WAN 3 will be used if WAN priority 1 and WAN priority 2 are both down? Or do I have this wrong? Are there other ways to utilize this setting?

(it would be neat if there were a way to utilize priority 2 WAN if latency of priority 1 LAN increased beyond a set value. But not turn off WAN priority 1 links, just enabler WAN priority 2 link if latency of WAN prioirty 1 links went over 100 ms latency for example)