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When you make a transaction with the wallet, the status shown for the transaction goes from Low -> Medium -> High. What does Low, Medium and High signify? How are these statuses calculated?

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They mainly signify the number of block confirmations that have occurred since the transaction was sent. Block confirmations are metric used to determine the immutability of an entry(in this case, transaction).

Why is it important? Trust and assurance in a transaction. Different transactions usually require different levels of assurance. For example paying for a cup of coffee probably doesn’t need anything beyond 4-6 block confirmations, it’s coffee. However buying a car could require something like 20-50 confirmations because, well, it’s a car.

Hopefully this helps. More info regarding your question can be found here: https://iohk.zendesk.com/hc/en-us/articles/360033969174-Transaction-Assurance-Security-Level

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