Obviously, that's a really short expression.
So, the question is, if you have a long expression, should you have to worry too much about either adding parentheses, or making sure that your line break occurs inside a pair of parentheses.
It boils down to preference, but a language feature that supports whatever preference you have might be nice.
priority = "URGENT" if hours < 2 else
"HIGH" if hours < 24 else
"MEDIUM" if hours < 72 else
"LOW"