There's a distinction between Prioritization (what's important) and Sequencing (the order of work).

You use the word sequencing above, which IMHO is correct. You are sequencing the work to optimize several outcomes, but the "direction" that Luke is providing IS the prioritization. i.e. what is important to achieve business results, product priorities etc.

So you, as EM are not prioritizing - at least not at the level that a PM would. I like this model BTW, as it allows each of you to optimize for what is most important in your specific contexts. It's a model I've worked with in several companies.

Just wanted to clarify the distinction between prioritization and sequencing as it's an important distinction to make.