I believe I know the answer to this question (no) based on a search of past Community posts, including this one by @Jason_Hull that got expert replies by @kuovonne : is there a formula that can alphabetize referenced values?
There are a lot of use cases for where this would be a helpful function. In my case, it's to list a different field's multi-select options in alphabetical order for an easier at-a-glance confirmation of the multi-select field's entries. Specifically, my source multi-select field has a looooong list of occupations and I'd like to build a formula field that lists the selections alphabetically.