No, components are just "parts of a project". Priority is set on issues.
However, having different parts of an issue with different priorities is possible - create sub-tasks. I've automated this in a few places too, by scripting the creation of subtasks based on one-per-component when an issue goes from "new" to "in progress" for example.
Priorities can not be set at component level. But there is an small hack which I use to prioritize based on components. What you can do is to create "swim-lanes" in your scrum/kanban boards, these swim-lanes will be based on components and then you can arrange the swim-lanes based on your component's priority, example- The component with higher priority would have it's corresponding swim-lane on the board above the swimlanes of other components and so on.
Thanks for the prompt feedback Tarun/Nic! I like both answers. But, for my purposes I think I found something easier. Since I'm really just trying to indicate which component(s) will be worked on in what order relative to the others... I can just create inter-component dependencies to imply priority like this:
Component_2 (Initial Task) has FS dependency on Component_1 (Final Task)
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