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The Instance Savings Plan has a better discount and so that will be applied first to the instances it can be applied to. Then the Compute Savings Plan will be applied to what resources it can be applied to.
See the documentation scenario 5 which is the example you brought.
https://docs.aws.amazon.com/savingsplans/latest/userguide/sp-applying.html#scenario-5
+1 here. Important thing to consider that you cannot get double-discount in this case. You cannot have 2 different savings plans apply to the same resource during the same hour. Assuming that you have mutiple resources running at all times, that could benefit from either one SP or another, then as Shlomo mentioned, the EC2 Instance SP will be applying first, and then Compute SP will be applying to any REMAINING resources within the same hour.
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Compute savings plans not limited to instance type. It is hourly commitment basis AWS only recommending to go for savings plans by evaluation your workloads in past 30 days