If you mean "should" in the sense of "the system is designed to operate that way", then yes, the order of votes matters. This is similar to how downvotes and upvotes don't commute for new users, since a user's reputation is required to be $\geq 1$.
If you mean "should" in the sense of "we want the system to operate that way", then I think even the SE team's ...
You can get at most 200 points in a day from upvotes. But bounties and +15 bonus for accepted answers are exempt from the cap. Hence, the total number of points one can get in a day is not limited.
For details, see How does "Reputation" work?
Yours was a bit of an edge case. The serial voting script runs early in the day (UTC, of course), and thus usually the votes it reverses are from the previous day. Then the reputation recalculation that happens on vote reversals finds out whether the reputation-cap kicked in and withheld reputation from other votes, and recalculates accordingly, so that ...
The reputation cap affects only reputation you get from upvotes (and edits). The reputation you get from having your answer accepted, or bounties, is exempt. Getting a lot of answers accepted in a single day can take you far above the 200 point mark, ditto bounties.
The daily gain of reputation from up-votes and getting proposed edits accepted is limited to 200. After that point up-votes have no more effect on the reputation. The counter is reset at the beginning of each day (UTC).
Accepted answers and bounties are not affected by the cap, which is why it is possible to get more than 200 points a day.
More details ...
Depends on the particular limit.
For reputation and badges, the UTC day is used (0:00-23:59 UTC time). See What is an SE "day"? When does each day start? For other reputation-related rules, see How does "Reputation" work?
Rate-limiting, such as the limit on the number of questions asked, is based on a rolling period. That is, the ...
You never get -2 for the up-vote. But you might get a down-vote, though I do not believe this was what happened in your case.
But for completeness, the issue is this: at 200 points via votes you are capped, as I think you know, and upvotes after that do not count.
If you then get a downvote you drop to 198, even if you have plenty surplus votes, the ...
Exactly this question has been asked before so here is the answer from user642896 (in case the "before" button is inaccessible:
(In some sense you didn't lose any rep: it just was never awarded. See here for some of the reasoning behind the daily rep cap.)
Yes. Once you reach 200 rep points on any given day, (with the exception of points from "accepted" answers), you are said to have "capped" in reputation for the day. You show 216 in rep on today (MSE time).
From what I see in your rep, is that the gain of only one rep point for a seventh upvote on a question may be removed, upon correction. From what I ...