Short answer
No. Coming last is not what gives rank. The Qur'an calls Muhammad (ﷺ) the Seal of the Prophets, and a seal closes a finished letter. Muslims must believe in every prophet God (﷾) sent and make no distinction between them in faith. A Muslim who insults Moses or Jesus has left Islam. That is between him and Allah (﷾), and no one may harm him for it. The Prophet (ﷺ) himself was angry when a Muslim set him above Moses. Muslims do believe God (﷾) will honour him first on the Day of Resurrection. That is God's (﷾) choice, not a result of coming last, and it gives no one the right to belittle Jesus. Nor has God (﷾) turned away from people. He hears and answers prayer every day. Finality means that no new prophet will be sent, because the message is complete and kept. Jesus, a prophet sent before Muhammad (ﷺ), will return before the end. He will follow the Qur'an and bring no new book.
Full explanation
A seal, not a ranking
The Qur'an calls Muhammad (ﷺ) khatam al-nabiyyin, the Seal of the Prophets. In the Arabic of his time a khatam (seal) was the stamp pressed on a letter once it was finished. The word says who closes the line, not who stands highest in it. The Prophet (ﷺ) pictured himself as the last brick of a finished house, the one that completes the building. The image is about completion. Once the house is finished, no more bricks are added.
“Muhammad is not the father of any of your men, but (he is) the Messenger of Allah, and the Seal of the Prophets: and Allah has full knowledge of all things.”
Abu Hurayra reports that the Prophet (ﷺ) compared himself and the prophets before him to a man who built a fine house but left the place of one brick empty in a corner. People walked round it, admired it, and wished the brick were in place. He said: I am that brick, and I am the last of the prophets.
No distinction between the messengers
The Qur'an describes the believers as saying that they make no distinction between any of God's (﷾) messengers. It calls anyone who believes in some messengers and rejects others an unbeliever. Muslim scholars hold that reviling any prophet, Moses and Jesus included, is judged exactly as reviling the Prophet (ﷺ). The one who does it has left Islam. That is between him and Allah (﷾), and no one may harm him for it.
“The Messenger believeth in what hath been revealed to him from his Lord, as do the men of faith. Each one (of them) believeth in Allah, His angels, His books, and His messengers. "We make no distinction (they say) between one and another of His messengers." And they say: "We hear, and we obey: (We seek) Thy forgiveness, our Lord, and to Thee is the end of all journeys."”
“Those who deny Allah and His messengers, and (those who) wish to separate Allah from His messengers, saying: "We believe in some but reject others": And (those who) wish to take a course midway,- They are in truth (equally) unbelievers; and we have prepared for unbelievers a humiliating punishment.”
In the last part of al-Shifa, on the rights of the Prophet (ﷺ), Qadi Iyad rules that whoever reviles or belittles any of the prophets receives the same judgement as one who reviles the Prophet Muhammad: he has left Islam.
The Prophet's (ﷺ) own warning
A Muslim once slapped a Jewish man for swearing that God (﷾) had chosen Moses above all people. The Prophet (ﷺ) took the Jew's side. He was angry, and told Muslims not to prefer one of God's (﷾) prophets over another. He said he might find Moses ahead of him on the Day of Resurrection, and that no one should say he was better than Jonah.
Abu Hurayra reports that a Jewish trader swore by the One who chose Moses above all people, and a Muslim of Medina slapped him for it. The Jew complained to the Prophet (ﷺ), who grew angry, until the anger showed on his face, and said: do not prefer any of Allah's prophets over another. He added that on the Day of Resurrection he may find Moses already standing, holding the Throne, and that he does not say anyone is better than Jonah son of Matta.
Ibn Abbas reports that the Prophet (ﷺ) said no servant of Allah should say that he, Muhammad, is better than Jonah son of Matta.
Rank belongs to God (﷾), and Jesus is named
The Qur'an does say that God (﷾) raised some messengers above others. In that very verse it names Jesus son of Mary, given clear signs and strengthened with the holy spirit. Muslims also hold, from the words of the Prophet (ﷺ), that Muhammad (ﷺ) will be the foremost of mankind on the Day of Resurrection. They hold that he will be the first to intercede. That honour is God's (﷾) choice, not a result of coming last. Muslim scholars explain that the Prophet's (ﷺ) warning forbids preferring one prophet in a way that belittles another or starts a quarrel. Al-Nawawi, a thirteenth-century explainer of Sahih Muslim, is one of them. It does not cancel the ranks God (﷾) Himself gave. It also gives no Muslim the right to belittle any prophet. Jesus is one of the five named when God (﷾) took His solemn covenant from the prophets.
“Those messengers We endowed with gifts, some above others: To one of them Allah spoke; others He raised to degrees (of honour); to Jesus the son of Mary We gave clear (Signs), and strengthened him with the holy spirit. If Allah had so willed, succeeding generations would not have fought among each other, after clear (Signs) had come to them, but they (chose) to wrangle, some believing and others rejecting. If Allah had so willed, they would not have fought each other; but Allah Fulfilleth His plan.”
Abu Hurayra reports that the Prophet (ﷺ) said that on the Day of Resurrection he will be the foremost of the children of Adam, the first to intercede, and the first whose intercession is accepted.
On the Prophet's (ﷺ) words "do not prefer me over Moses" and "do not make distinctions between the prophets", al-Nawawi sets them beside the hadith that the Prophet is the master of the children of Adam. Among the scholars' explanations he gives: the saying forbids a preference that belittles the other prophet or leads to quarrelling, or a preference in prophethood itself, not in the ranks God gave.
“And remember We took from the prophets their covenant: As (We did) from thee: from Noah, Abraham, Moses, and Jesus the son of Mary: We took from them a solemn covenant:”
The nearest of all people to Jesus
The Prophet (ﷺ) said he was the nearest of all people to Jesus. He said the prophets are brothers, and that no prophet came between the two of them. He also said Jesus will come down again before the end, as a just judge, and will lead the Muslims as one of them. Ibn Abi Dhi'b, an eighth-century scholar of Medina, was one of the narrators. He explained that this means Jesus will lead them by the Qur'an and the Prophet's (ﷺ) way.
Abu Hurayra reports that the Prophet (ﷺ) said he was the nearest of all people to the son of Mary. The prophets are brothers with one father, he said, and there was no prophet between him and Jesus.
In 155a Abu Huraira reports that the Prophet (ﷺ) swore the son of Mary will soon descend as a just judge, break the cross, kill the swine and end the jizya. In 155f the Prophet asks how it will be when the son of Mary descends and leads the Muslims as one of them; the narrator Ibn Abi Dhi'b explains that he will lead them by the Book of their Lord and the Sunnah of their Prophet.
God (﷾) still hears and answers
Finality closes prophethood. It does not close the door of prayer. The Qur'an says God (﷾) is near and answers everyone who calls on Him, and commands believers to call on Him so that He may answer. The Prophet (ﷺ) said that of prophethood only good dreams remain, bringing glad news. What has ended is new revelation and the sending of new prophets, not God's (﷾) care or His answers.
“When My servants ask thee concerning Me, I am indeed close (to them): I listen to the prayer of every suppliant when he calleth on Me: Let them also, with a will, Listen to My call, and believe in Me: That they may walk in the right way.”
“And your Lord says: "Call on Me; I will answer your (Prayer): but those who are too arrogant to serve Me will surely find themselves in Hell - in humiliation!"”
Abu Hurayra reports that the Prophet (ﷺ) said nothing is left of prophethood except al-mubashshirat. Asked what they are, he said: true good dreams, which bring glad news.
What finality does mean
The religion was declared complete during the farewell pilgrimage of the Prophet (ﷺ), and God (﷾) promised to guard the Qur'an. Many earlier prophets were sent to restore messages that had been lost or changed. A complete message that has been kept whole needs no new prophet to restore it. And the Prophet (ﷺ) said plainly that there will be no prophet after him. It is also why Muslims have accepted no book beside the Qur'an, from the Prophet's (ﷺ) lifetime to today.
“This day have I perfected your religion for you, completed My favour upon you, and have chosen for you Islam as your religion.”
“We have, without doubt, sent down the Message; and We will assuredly guard it (from corruption).”
“Muhammad is not the father of any of your men, but (he is) the Messenger of Allah, and the Seal of the Prophets: and Allah has full knowledge of all things.”
Abu Hurayra reports that the Prophet (ﷺ) said the Israelites were led by prophets, and whenever one died another took his place. But there will be no prophet after me, he said; there will be caliphs, and many of them.
God (﷾) sends a prophet with His message.
What happened to many earlier messages?
Over time they were lost or changed.
What did God (﷾) do then?
He sent another prophet to restore the message.
What about the message given to Muhammad (ﷺ)?
The religion was declared complete, and God (﷾) promised to guard the Qur'an. It has been kept whole.
A complete message that has been kept whole needs no one to restore it. So no new prophet is sent.
Verse by verse
Hebrews 1:1-2 — Epistle to the Hebrews, chapter 1, verses 1-2
“God, who at sundry times and in divers manners spake in time past unto the fathers by the prophets, Hath in these last days spoken unto us by his Son, whom he hath appointed heir of all things, by whom also he made the worlds;”
Cited for
God's last word was spoken through His Son, so no prophet can come after Jesus.
The response
Hebrews is a letter by an unnamed writer, not a saying of Jesus. Jesus himself said he had many things still to tell his disciples that they could not bear yet. He said that the Spirit of truth would come to guide them into all truth.
Where it lands — By Jesus' own words his teaching was not the last word, so Hebrews does not rule out Muhammad (ﷺ) coming after Jesus.
Perspectives
Mainstream Christian
Christians hold that God's final word came in Jesus the Son. So a prophet after him who claims to be the last is heard as claiming to stand above him.
Hebrews says that God, who once spoke through the prophets, has in these last days spoken through his Son.
Rebuttal
Islam agrees that Jesus was a true messenger who spoke God's (﷾) word. It also holds that coming last is not what gives rank. But Hebrews is a letter by an unnamed writer, not a saying of Jesus. And it never says that no prophet can follow Jesus. Jesus himself said he had more to tell his disciples, and that the Spirit of truth would guide them into all truth.
The Islamic perspective
Muhammad (ﷺ) is the last prophet, and Muslims hold that God (﷾) gave him the highest rank. Coming last is not what gives it, and no prophet may be belittled. God (﷾) still hears and answers. Finality means that no new prophet will be sent, because the message is complete and kept.
The Qur'an calls Muhammad (ﷺ) the Seal of the Prophets, a word for the one who closes the line.
Believers make no distinction between God's (﷾) messengers, and rejecting any of them is unbelief.
Muslim scholars hold that a Muslim who reviles any prophet, Moses or Jesus included, has left Islam. That is a matter between him and Allah (﷾), and no one may harm him for it.
The Prophet (ﷺ) forbade Muslims to prefer one prophet over another. He was angry when a Muslim set him above Moses.
The Qur'an names Jesus among the messengers God (﷾) raised in honour. It also names him among the five in His solemn covenant with the prophets.
God (﷾) answers all who call on Him, and good dreams still bring glad news.
Jesus will return and lead as a follower of the Qur'an, not with a new book.
A complete religion whose book God (﷾) has guarded needs no further prophet.