In this case it wouldn't matter, since the Entities seems like Model / Data class, which cannot / needn't enlist into a transaction, so you can have any order, it would not create a difference. Now if the there's any issue in the Entities operation, Read / DML then transaction would also abort, assuming that operation takes place in the ambient transaction context, though class / object doing it like IDBConnection would anyway automatically enlisted into a transaction (provided not set to false), however even if Connection is created outside transaction context, then would not automatically enlist, needs explicit enlisting for Transaction Context
In Short
For your current code, it doesn't matter till the point you are dealing with an object that needs Transaction enlistment like IDBConnection. Out of two code snippets though my preference would be first one, where ambient transaction is all encompassing all the objects need to be enlist automatically does, we don't leave any object by chance.
Important Difference
What you though may want to be careful about whether you want to access Entities outside the Transaction Context, since that is not possible in the Option 1 but would not be an issue in the Option 2