It does make a practical difference. Important tasks are higher priority under tighter time constraints and vice versa. I fail to see how this isn't a practical distinction.
>If you always lean towards Urgent things, you will neglect the Important. If you always lean towards Important things, you will neglect the Urgent.
If you do this you failed. The point is lean important when time constrained, urgent when not.
>Conversely: if you have a way to decide which task to schedule first, then (to you) they clearly have different priorities.
They have different priorities IN DIFFERENT CONTEXTS. One is higher when time constrained, the other higher when not. It is clear from reading your comments that you have not understood this.