As @Baltok alluded to, you are trying to have the
Selection on a particular layer be treated in the same way as other layers are, with respect to
drawing order. I think that by default, and design, ArcGIS makes the Selection override the symbology of anything that is underneath it, as a means of making it easy to find the selection.
Since you are selecting by Attributes, and it is likely you don't want to create another layer from these particular features, you want to Create a Layer from Selected Features.
That gives you a result of:
This may then be symbolized the same as any other layer in the Table of Contents, including the ability to set the Transparency to allow other features to show through underneath.
Please be aware that there are times when this selection layer may be invalidated. I think these circumstances can arise when changes are made to the original layer, for instance adding or deleting features. The Selection Layer is based on an index of the FID's in the layer, so if something causes them to change, it may corrupt the child layer.
A way to avoid this problem, which is perfect for you since you are performing an Attribute Selection anyway, is to instead create a copy of your original layer, and use your
Attribute Selection as a Definition Query on this copy to limit the layer to only your desired features.
Hope these give you some options to work with. The second one is more complicated, but is definitely more robust than the first since it is based directly off the attributes, as opposed to an internal index managed by ArcGIS.