In general, no—the order you move the sliders in Camera Raw does not change the final image.

Camera Raw edits are nondestructive, with the settings stored as adjustment instructions rather than permanently altering the original file. The software then applies those settings when rendering the image. Because of that, you’re not really “baking in” each step as you go.

You also don’t control the internal processing order Camera Raw uses. Adobe’s raw processors can optimize how adjustments are applied for rendering, so the sequence of your slider movements is mainly about your workflow and convenience, not image quality.

So for controls like exposure, contrast, highlights, shadows, whites, and blacks, use whatever order helps you evaluate the photo most easily. A common habit is to set white balance and overall exposure first, then refine tonal sliders, but that’s for ease of editing—not because a different order would produce a different final result.