Looks like it's not possible to retrieve the list of chats sorted in any way, e.g.
GET https://graph.microsoft.com/v1.0/me/chats?$select=lastUpdatedDateTime&$orderby=lastUpdatedDateTime
returns these values, in this order:
"lastUpdatedDateTime": "2022-03-08T22:27:12.474Z",
"lastUpdatedDateTime": "2019-05-17T18:31:05.384Z",
"lastUpdatedDateTime": "2022-03-02T00:52:01.711Z",
"lastUpdatedDateTime": "2021-02-19T23:25:57.206Z",
"lastUpdatedDateTime": "2022-05-31T22:11:02.634Z",
"lastUpdatedDateTime": "2020-07-10T18:16:00.073Z",
"lastUpdatedDateTime": "2022-06-01T18:20:32.263Z",
"lastUpdatedDateTime": "2022-06-01T00:35:29.165Z",
"lastUpdatedDateTime": "2022-06-01T14:23:14.407Z",
"lastUpdatedDateTime": "2022-04-05T22:04:33.659Z",
"lastUpdatedDateTime": "2022-06-01T06:55:48.95Z",
"lastUpdatedDateTime": "2022-06-01T06:55:47.173Z",
"lastUpdatedDateTime": "2022-06-01T06:51:22.061Z",
"lastUpdatedDateTime": "2022-05-24T19:36:18.756Z",
"lastUpdatedDateTime": "2022-05-26T01:29:20.443Z",
"lastUpdatedDateTime": "2022-05-31T19:48:55.566Z",
"lastUpdatedDateTime": "2022-05-27T21:11:46.461Z",
"lastUpdatedDateTime": "2022-05-31T20:10:10.359Z",
"lastUpdatedDateTime": "2021-05-26T20:05:25.244Z",
"lastUpdatedDateTime": "2022-05-31T21:34:13.562Z",
I've tried also the beta endpoint, and sorting by other fields like topic and chatType, e.g.
GET https://graph.microsoft.com/v1.0/me/chats?$select=chatType&$orderBy=chatType
"chatType": "oneOnOne"
"chatType": "oneOnOne"
"chatType": "oneOnOne"
"chatType": "oneOnOne"
"chatType": "oneOnOne"
"chatType": "oneOnOne"
"chatType": "meeting"
"chatType": "oneOnOne"
"chatType": "meeting"
"chatType": "group"
"chatType": "meeting"
"chatType": "meeting"
"chatType": "meeting"
"chatType": "meeting"
"chatType": "oneOnOne"
"chatType": "meeting"
"chatType": "group"
"chatType": "meeting"
"chatType": "oneOnOne"
Other endpoints work fine, e.g. https://graph.microsoft.com/v1.0/me/calendars?$select=name&$orderBy=name asc and https://graph.microsoft.com/v1.0/me/calendars?$select=name&$orderBy=name desc return the expected order.