Definitely tread lightly, and if you can, phrase any suggestions in a way that's aimed at reducing Person 1's stress level, rather than pushing back on what they're asking for.
BAD: "These emergency features are killing the project timeline. I can't get any work done when I'm constantly sidetracked!"
GOOD: "I'm currently working on feature X. I can switch to feature Z, but I'll need an extra day to get X finished. Or, if you're okay with delivering X without the configurable Frob, I can still get it done on time."
Do your best to offer options and solutions, and try to support the team's goals. This is often referred to as "managing up", or "managing your manager." It's a hugely important skill.
But as I mentioned in my other comment, sometimes the situation is intractable, and it's simply time to look for a new gig.
Spot on. I still have a lot to learn about this world we work in, and how to see things from other standpoints, but this helps a lot, thanks!
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