This is my understanding of how Mendix handles situations like this:
All the client actions that are executed by a microflow (opening a form, refreshing an object, displaying a text message, etc) are not send directly to the client, but are 'queued' and send to the client when the full microflow successfully completes. This way, when an error occurs and the microflow (transaction) is rolled back, the client actions can also be 'rolled back' by removing them from the queue. If the client actions would be send to the client directly, it wouldn't be possible to perform correct rollbacks of microflows, causing all kinds of problems.
So, to answer your question, all actions of a microflow are executed in the correct sequence (the sequence indicated by the arrows of the flow), but the (external) effects are only visible after the full microflow is finished.
As the name says, the Open Form action only opens the form. Assuming it opens correctly, the microflow will continue with the other actions. If you want to continue only after the opened form has been saved I suggest you use a custom save button to continue with the object. If this is all the same object, you won't even need to commit it as the cached object gets passed to the form and with the save button back to the CustomSave microflow and so on.