Are conditions evaluated in the order they are entered? When using multiple conditions and a combination of "and" and "or", is there a best way to organize these?
Yes, they do evaluate in the order they are entered. If you have a condition that requires complex logic, I recommend resolving it first in a Field Formula, and then using the result of the formula to determine the condition.
Also, you could upvote this Idea that was submitted: Conditions - Complex logic