Hello Martin,
Firstly I'd like to confirm with you that if you configure the same setting in 2 different Policy? If so then the precedence is up to the GPO order.
If you configure the settings within one group policy object, then the precedence would be depends on the CSE(Client side extentions) processing order.You can see the CSEs in the link provided by Martin.
As the CSE order could be modified so the answer to your question is: it depends.
You can check the below article to know more about the CSE processing order:
http://deployhappiness.com/cse-processing-order-know-lsdou-learn-this-too/
Best Regards,
Elaine
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