It's obviously a balance. But if you're asking if say 1,000 lost lives per year is worth it to save the privacy of 350 million people, I would say yes.
Just look at the 10's of thousands of people who die every year so that we have the convenience of driving cars. Not to mention the millions whose health are affected by the air pollution.
That’s even assuming flock saves lives, which it doesn’t. Really the question should be, is giving up privacy worth it if it helps law enforcement solve a crime faster? Still don’t think so.
Your phrasing is weird. In this case, the two are not in conflict but rather symbiotic - this grand jury chose to preserve the life of the person who was being accused of protecting our privacy. There is also a good chance that privacy (evidentiary rules) helped preserve this person's life.
But also you're going to have to elaborate what you mean by life being considered the highest value. Have you seen how we treat one another? We're always looking for rationales as to why someone else's life should be considered unimportant.