There is no guarantee that it will be FIFO. Async services can process the async jobs in an order of available resources.
Any asynchronous operation that has a AsyncOperation.DependencyToken
value of null executes independent of all other asynchronous operations in the queue. The order of execution with regard to other independent operations is not guaranteed. However, asynchronous operations created earlier have a better chance of executing before operations created later. This assumes that the operations are not postponed and are not set to a state of Completed.
The dependency token must be set when the asynchronous operation is created. Because Dynamics 365 creates asynchronous operations for bulk operations such as bulk email, bulk delete, and import, you cannot make use of the dependency token for these operations. In addition, the dependency token cannot be used to order execution of asynchronous registered plug-ins because the asynchronous operation that executes plug-ins is created by the Queue Manager.
Read more
Activate means different in CRM WF case. I assume you are talking about triggering WF. If the WF2 and WF3 are triggered as child WF sequentially inside WF1, then Dependency token will be issued by platform accordingly to go in order. ie first WF2 then WF3.