Hi. The global preferences mechanism on Special:Preferences does not work any more. Make sure you have some global preferences for watchlist. When you open this link, there are no gray radio-boxes. All the variables that have global values should have the local definition radio-boxes to be gray and non-clickable until clicking on "set local exception". If you click on it twice, on and off, it starts to work properly.
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GlobalPreferences should still work as expected, this is just a UI bug. FYI @Xaosflux the priority field should generally only be set if you plan on working on this or are part of the development team, as per https://www.mediawiki.org/wiki/Phabricator/Project_management#Setting_task_priorities