At https://phabricator.wikimedia.org/T3492 multiple watchlists were proposed.
One could enable this in the Global Watchlist and show these Watchlists on a single page (at least depending on some settings). Some of the Watchlists could be collapsed by-default there. This would also allow setting priorities (the task was merged to here) for articles on a Watchlist.
There could be an upper section at the top of the page showing the high-priority watchlisted items (ie things you'd like to get notified about immediately for all changes and would like to show at the top of the page even if the change was done more than a month ago).
I think there is a difference between adding support for multiple watchlists in the Global Watchlist and adding support for multiple watchlists through changes to the Global Watchlist (in combination with changes to the watchlisting-feature where you click a star at the top of an article). I'd propose adding support for multiple watchlists via the Global Watchlist so it's first and only possible with that Watchlist. Nevertheless, this issue could also just be about enabling support once this is implemented elsewhere.
Adding setting(s) to enable having sections collapsed by-default could also be used for the other Watchlists (WMC and so on) on the page and adding could be a separate subtask.