It is a little bit obscure, and saying "prioritization" would probably be clearer.
But it does actually work. When there are high-value things to do, then that is the opportunity cost of doing low-value things instead. ie, by doing the low-value thing you incur opportunity cost equal to high-value thing.
If we implement Feature Y, we can make $$$.
If we fix Bug X, we can make $.
So the opportunity cost of Bug X is $$$, the benefit of Bug X is only $, so we're not going to fix it right now.
But it does actually work. When there are high-value things to do, then that is the opportunity cost of doing low-value things instead. ie, by doing the low-value thing you incur opportunity cost equal to high-value thing.
If we implement Feature Y, we can make $$$. If we fix Bug X, we can make $. So the opportunity cost of Bug X is $$$, the benefit of Bug X is only $, so we're not going to fix it right now.