Nothing to add. I think you did go where I was keen to . Only fix bugs that impact the most customers, so know your customer, gauge the impact and fix those first, then look at the remaining bugs.
P2=workaround is possible so we can just document this for now and do P1’s in this hotfix
P3=stuff we should fix
P4=stuff we are unlikely to fix, but impacts the quality perception of the product
P5=stuff we wont fix in the next few sprints - so make sure people agree, this will probably NOT get fixed in reality.
It’s well known that Jira tries to route you to use priority and not to use impact, be aware of the bias it will bring when triaging work.