Actually, in my experience priority tags adversely impact the time required to claim your baggage.
After experiencing a 60+ minute wait for my bag to arrive on the belt after landing and making it through immigration in ORD on flight 941 from FRA > ORD on Jan 31st, I plan to specifically request the check in agent refrain from adding prioity tags to my bags if I am forced to check bags in the future.
It was commical to observe no priority tagged bags on the belt for the first 50 minutes. It turned out that priority tagged bags were last off the plane resulting in a large group of extremely unhappy C and F passengers - this was a 747.
On my outbound flight, neither my nor my GFs priority tagged bags made it onto my ORD > FRA flight despite my checking in to my LAX > ORD connection 80 minutes prior to departure and a 5 hour layover in ORD.
Yes, but don't expect them to have much effect on the "priority" of your luggage.