The list of participants

That is correct. The participant list follows this order. 

Names in the Participants panel appear in the following order:

1. You
2. The host (If you’re not the host)
3. Co-hosts, if any 
4. Participants with Raised Hands, in order of first raised to last raised
5. Unmuted online participants
6. Unmuted dial-in participants
7. Muted online participants
8. Muted dial-in phones

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