We have compare and deploy set up between Dev and Test. Packages can only be deployed after manager approval.
Let's say package 1 contains ABC Process (version 1). This package is submitted for approval. Later, package 2 is created and contains ABC Process (version 2). This package is also submitted for approval. The manager approves package 2 before package 1. After both packages are deployed, will ABC Process in Test be (version 1) or (version 2)?
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The latest version of any object (including process models) is always deployed when doing a compare-and-deploy operation. The deployment system doesn't know (or care) what approval stage you're in on the design side, so your development practices will need to take this into account.