Intelligence Events are sometimes referred to as Intelligence “Alerts”. “Alert” is somewhat more applicable to the custom Intelligence Events that you configure yourself and for which you can set up email or text notifications (latter available in the U.S. only).
For the daily, weekly, and monthly Intelligence Events that Google Analytics generates automatically, no actual alert notifications are sent; you must remember to check these yourself.
Using its own criteria, Google Analytics classifies automatic Intelligence Events by importance. Within the specific Daily, Weekly, and Monthly alert reports, you can set the sensitivity threshold for each of these reporting periods, such that a lower sensitivity setting displays Intelligence Alerts only of higher importance and vice versa.
If the Intelligence Events reports are bogged down with too much extraneous information, it may indeed make sense to lower the sensitivity for the reporting periods. Certain events, such as a daily spike in bounce rate, require more immediate investigation than others, so you won’t want to lose these among events that aren’t important enough to act on.