Sure, but the algorithms themselves will have to be provided by the instance, so I guess different instance might make different choices, for example due to privacy concerns etc.

Sorting by new also is an algorithm.

Not trolling here: I think this is something the fediverse will need to decide at some point. What are the acceptance criteria for timeline presentations? But this would also be a perfect example of diversity: don’t like the way our instance sorts your timeline? No problem, here’s some instances that do it differently.