Nice piece, Gaurav! We have a very similar approach at ProdPad to priority buckets, except we call them “time horizons.”
It’s pretty much the same concept but we don’t assign timelines to our priorities. We bring in that element only when we get into release planning. That gives us the space to plan for change, the unknown, etc. Plus, when you remove timelines from your roadmap, you can focus on communicating what it is you want to build rather than how fast you’d like to do it.
If you haven’t looked into theme-based roadmapping, you should! It’s as effective and agile as a roadmap can get.