Are the Prophets equal, and if so, why do they differ in their statuses in Paradise, with Prophet Muhammad being in its highest degrees?

It was by Allah's wisdom and justice that He chose and favored some of His creation over others, among angels, messengers, and people. Thus, Jibril and Mika’il and others are favored over the rest, and the messengers are favored over others, and the prophets of strong will (Ulul Azm) are the best of the messengers, and their master and the seal of them is Muhammad, peace and blessings be upon him. Allah took a covenant from the prophets to believe in him and support him if he were to be sent in their time. And if Jesus were to descend at the end of time, he would rule by his (Muhammad's) law and follow it.

The religion of the prophets is one in monotheism, but their laws differ. And the law of Muhammad, peace and blessings be upon him, is the most complete and abrogates what came before it. The prophets vary in status, and the best of them, absolutely, is Muhammad, peace and blessings be upon him. Any narrations that suggest otherwise originate from his humility, peace and blessings be upon him. He is the Imam of the prophets, the master of the children of Adam, and the possessor of the Great Intercession.