Not necessarily. There are many factors. I am testing a channel management company that fully integrates with Airbnb and requires Instant Book.
So they created a new listing with no completed stays but ported my reviews and superhost to the new listing. So it is an interesting test case. My old listing without IB but more completed stays and established response rate and without instant book is placed higher. So it leads me to believe response rate seems to be the deciding factor. But if you experiment you will see the order floats around so there is either some randomness or tries to balance out views. Another interesting note is that listing completeness seems to have an impact. The automated listing does not complete all the same fields as the manual listings (detailed description, bed configurations etc)