The service best suited for consolidating security alert notifications and prioritizing them is AWS Security Hub, as it provides a central location to view and manage security and compliance states across your resources. Its functionality extends to collecting security data from various sources and helping you understand your AWS security and compliance posture. On the other hand, AWS Shield focuses primarily on DDoS protection, Amazon Inspector on the assessment of application security, and AWS Config on tracking and management of resource configurations, without the specific emphasis on centralized security event management and compliance reporting.