Not really. Most people do both at the same time… but it’s useful if you separate into mental buckets or even physically, so you can handle them differently.
The protect bucket needs to be invested in very safe and liquid assets as it could be needed in the short term.
The grow bucket needs to be invested in growth assets such as shares as it will  help to meet long term goals.

Also, there is no such thing as risk appetite that can be measured consistently. If you go to different advisers who give you different questions, your so-called risk appetite will come out different. And they have different asset allocations for the same risk profile.