Hi @Rizwan Ansari,
Per my test, query parameter $orderby
can be applied on the expanded properties of fieldvalueset, and usage of the is not recommended large lists. Please refer to following
https://graph.microsoft.com/v1.0/sites/{site-id}/lists/{list-id}/items?$expand=fields&$orderby=fields/SortOrder desc
Prefer: HonorNonIndexedQueriesWarningMayFailRandomly
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