$\DeclareMathOperator{\lcm}{lcm}$I will concoct my comments into an answer.
Note that at each step, when dealing with the terms $a, b$ of the list, the product $P$ of all the terms of the list remains constant, as
$$
a b = \gcd(a, b) \cdot \lcm(a, b).
$$
As to the sum of the terms of the list, if $a \le b$, say, and $a \mid b$, then it does not change, as
$$
a = \gcd(a, b), \quad b = \lcm(a, b).
$$
However, if $a \le b$ and $a \nmid b$ (so that $a < b$) then
$$
\gcd(a, b) + \lcm(a, b)
>
\lcm(a, b)
\ge
2b
> a + b,
$$
so the sum of the terms of the list has increased (by at least $2$).
Since the sum of the terms of the list can be at most $n P$, the process must terminate (with probability $1$, say).
In the final state, we will have that if $a \le b$ are two terms in the list, then $a \mid b$. That is, once the list is reordered in non-decreasing order as
$$
a_1 \le a_2 \le \dots \le a_n,
$$
we will have that $a_i$ divides $a_{i+1}$ for each $i$.