FWIW, fences and masonry walls failed en masse in the 2004 Florida hurricanes. Most that I observed appeared to have no engineering (I would hope), and most of the walls were URM.
From a flying debris standpoint, I would just like fences to have enough concrete to keep them on the ground. I think anything stricter than that is just silly like others have said.
For overturning or bending failure of CMU privacy walls, I think I usually use I=1.0, though I agree with MiamiSerg that it doesn't usually make much difference. Though you could justify I=.77 from a loss of life standpoint as it is not an inhabitable structure.