When Epicurus wrote that, he likely had in mind the idea that wisdom helps us recognize what truly contributes to a happy life. This quote is from a letter to Menoeceus. A more faithful translation is this:
“Of all this the beginning and the greatest good is prudence. Wherefore prudence is a more precious thing even than philosophy.” –Epicurus, circa 300 BCE.
Here, prudence translates the Greek phronesis, meaning practical wisdom or good judgment. Epicurus believed that sole purpose of philosophy is to help people. That’s applied philosophy. He also believed that knowing how to make good choices was more important than merely understanding philosophical theories.
In Principal Doctrines, number 5, Epicurus argued that a pleasant life cannot be separated from living wisely, honorably, and justly. This is an important distinction. Epicureanism doesn’t advocate pursuing pleasure at any cost. Wisdom helps us distinguish pleasures worth pursuing from pleasures that ultimately bring suffering.