I did find that it doesn't meet my needs exactly, however. I favorited a number of inbound numbers such as Pingdom and co-workers to allow for alerts to come through but it doesn't apply to SMS messaging. They simply get muted, even if the number is in your favorites. I had to turn off "Do Not Disturb" simply because overrides wouldn't be triggered by SMS messages.
I believe it should apply to both SMS and phone for the overrides.