Conventional neural speech codecs suffer from severe intelligibility degradation at ultra-low bitrates, where the bottleneck transitions from acoustic distortion to semantic loss. To address this issue, this paper conducts a systematic investigation into the role and fundamental limits of integrating frozen semantic priors -- specifically HuBERT and Whisper -- into neural speech coding. We introduce and quantitatively validate a novel Semantic Retirement phenomenon: while semantic constraints reduce the Word Error Rate (WER) by up to ~10% relatively at 1.5 kbps, their benefits rapidly diminish beyond 6 kbps, indicating a practical capacity boundary. We further uncover a clear trade-off between different prior types: acoustic-rich priors (HuBERT) better preserve prosodic and timbral details, whereas high-level linguistic priors (Whisper) effectively suppress phonetic hallucinations in noisy environments (reducing hallucination rates by 26 percent) and substantially narrow the generalization gap for unseen speakers. Building on these findings, we propose a bitrate-aware regulation strategy that dynamically adjusts prior strength to optimize the trade-off between semantic consistency and perceptual naturalness. Extensive experimental evaluations confirm that our approach achieves competitive intelligibility and noise robustness compared to existing baselines, offering a principled pathway toward ultra-low-bitrate generative speech coding.