Does SQL Server prioritize select and update statements? Assume that SQL Server received both select and update statements to the same table at the same time

Do any of them get prioritized? I know that select statements are delayed until update completed. If table lock continue for a long time due to update, select statement gets cancelled with too much waiting error

So what happens when both received at the same time?
There is no priority in SQL Server for commands which ever comes first would be executed first. There would always be nanosecond/microsecond difference, of course you would not be able to notice it.