The explanation that cmr gave is really good -- the MX style traffic shaping differs a lot from how a lot of other enterprise traffic shaping devices work. The "reserved bandwidth" model is really popular but Meraki traffic shaping doesn't operate like that:
https://documentation.meraki.com/MX/Firewall_and_Traffic_Shaping/Using_Packet_Prioritization_on_a_Tr...Long story short, there's the usual "High/Normal/Low" prioritization where for every 7 "slots", High gets 4, Normal gets 2, and Low gets 1. In addition to that, there appears to be a new VOIP class in MX 14.x, which can be accessed by DSCP tagging, and that gives you an unspecified higher priority than high.
None of the classes have guaranteed zero packet loss under load, which is a big difference between the way Meraki does this versus how a lot of other vendors do. However, the Meraki approach has the advantage that if the only kind of traffic you have is Low at the moment, you can still use 100% of your bandwidth. Most reserved bandwidth implementations permanently carve that bandwidth away, regardless of whether there's any traffic of that class at the moment.