With well-designed professional equipment neither sequence of operations is likely to damage anything. But step 3 of sequence B could send very high levels of noise through your preamp and whatever other equipment is connected to it (e.g. your eardrums if you're wearing headphones), so sequence A is preferable on those grounds.
A 48-Volt phantom power supply should never exceed 52 Volts when left "open" (nothing connected to it), but many phantom power supply circuits in low-cost portable equipment don't follow the official standards very well, and the first version of the DIN standard allowed 54 Volts. Some condenser microphones can be damaged very quickly (and perhaps expensively) if the phantom power supply presents too high a voltage when the microphone is connected. Again, that's another reason to prefer sequence A if you haven't had a chance to do careful bench tests with the given piece of equipment.
--best regards