configTIMER_TASK_PRIORITY compile time check
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Just like any other task, if you attempt to create the timer service task at a priority above ( configMAX_PRIORITIES - 1 ) it's actual priority will be capped to ( configMAX_PRIORITIES - 1 ) - which is the maximum possible priority. As you say, it will also be caught by an assert. For the reasons you already mention I'm not sure it is desirable to do any more than that.
I didn't note that an assert is active by default(it is disabled in cortex's peripheral library and i didn't search more, my mistake) and mcu stopped. But it make sense when OS core is HW independent.
Automatical priority limit (with assert disabled) is good enough.