After watching and researching a lot, I will say the answer is 


It's better to go by release order. 


Only chronological error in relase order is Kano's appearance which suggest S01E09 aka "Cyrax & Sektor" take place before first S01E01 Jax, Sonya & Kano - Part 1 

>! because Kano have his eyes intact in S01E09 but he lost one of his human eye in S01E02.