Yes, the grading list sort order is

HON Y-Q
SEN/*G Y-Q
FTL/*S Y-Q
Blue/nothing Y-Q
HON V-K
SEN V-K
FTL V-K
rest V-K

Still, reports are that the upgrade list is pretty thin and SENs in V-K do get op-upgrades. Often FMs wait till the last moment before starting the upgrades, waiting for misconnects etc. So if the pleb has boarded and the flight is about to close, a SEN arriving 15-20 min before departure at the gate after enjoying the leberkäse and potato salad it may very well be that he/she gets the new seat because the FM needs his seat for a Y pax who didn't misconnect