I turned off emergency alerts when they had that trump alert, and now they seem to have added "test alerts" as an option.
I suspect crying wolf just leads to people dying because they turned off emergency alerts.
You can’t actually disable presidential level alerts unless you have a jailbroken/rooted phone.
I know because in Canada they send every alert at that priority level and none of them have can be disabled. (Though phones customized to the Canadian locale have “Presidential” removed from the front-end nomenclature.)
Also also, Apple (and basically all devs) have instrumentation to tell them if people are disabling notifications. So if enough people disable notifications for Apple Wallet, I promise you someone in corporate will notice.