What will be the order of statement execution in this use case?
It depends on the transaction_isolation.

It depends on whether the SELECT includes FOR UPDATE or IN SHARE MODE.

The SELECT is inside a transaction.  Normally, the SELECT will see the table as of the instant the transaction started.  Other queries may update/insert/delete rows that the SELECT is reaching for, but SELECT won't see them.  This puts a burden on InnoDB to keep old/new copies of row around for cases like this.

If you say FOR UPDATE, the other transaction will probably be delayed, awaiting the "intention to change" lock to be released.

Or it might lead to a deadlock.  InnoDB is good at seeing if the situation can't be resolved by waiting.

Perhaps you would like to discuss a specific case?