Safety over law: you can and should blow up for concerns of safety without waiting for a law to be broken, or even if it goes against the lawbook. Being within the laws should be the minimal requirement for safety, some games and situations require more caution - this takes precedence over the laws.
Equity/enjoyment over law: Yes, enjoyment usually arises from a fair application of the law. So you apply the law fairly to maximise enjoyment, and if there's a conflict you are guided by the latter. Rather than "this situation is patently unfair/will ruin the game, but it's what it says in the lawbook". There are examples enough in here of people saying "I think technically it's probably X, but that's a ridiculous outcome and I could sell Y".
It seems pointless if you are an experienced ref, but think about reversing it and prioritising law over the other two.
Safety - I disagree quite strongly !
I don't like the way this maxim downplays the importance of the Law.
In my experience the refs that pay little attention to the Laws, and the changes in the Laws are the
unsafest, as they fail to keep themselves up to date on new safety-inspired laws.
I could give you a dozen examples where following the laws is vital to safety.
I can't think of any example of where it's important to disregard a Law - can you ?
Enjoyment
Perhaps we are more on the same page. I would say that 98% of the time enjoyment comes from applying the laws fairly and accurately, and with a good eye for materiality.
Yes, there are some strange scenarios -- like balls hitting dogs or drones -- where the Law would say one thing, but a different decision is better. In those cases I do agree, the best decision is often the one that all 30 players are expecting.
But I don't think these scenarios happen that often
What I don't like about the maxim though, is that it seem to give a referee a license to overrule or ignore Laws that they don't like, on the grounds it is unfair. We see that on these forums from time time, and the response is : you can't make up the law.