wp_get_post_terms Order by not working

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wp_get_post_terms Order by not working

but if you use a custom post type you need to use wp_get_object_terms()

I’m not sure what your aim is, but here is a code example you can try:

$my_post_type="post"; // edit this 
$my_taxonomy="category"; // edit this

$my_query = new WP_Query(array('post_type' => $my_post_type,'posts_per_page'=>10));

if ($my_query->have_posts()) : 
    while ($my_query->have_posts()) : $my_query->the_post(); 
        $product_terms = wp_get_object_terms(get_the_ID(), $my_taxonomy, array('orderby' => 'name', 'order' => 'ASC', 'fields' => 'all'));
        if(!empty($product_terms)){
            if(!is_wp_error( $product_terms )){
                echo '<ul>';
                foreach($product_terms as $term){
                    echo '<li><a href="'.get_term_link($term->slug, $my_taxonomy).'">'.$term->name.'</a></li>'; 
                }
            echo '</ul><hr>';
        }
    }
    endwhile;
endif;

ps: I changed your code a bit, so now we use WP_Query() instead of the non-recommended query_posts().

Edit:

Here is an example of the output, where the terms are ordered with name and ASC

aaa
bbb
ccc
---
aaa
ccc
---
bbb
ccc

and with order DESC

ccc
bbb
aaa
---
ccc
aaa
---
ccc
bbb