Order products by "One Sale"

In your theme’s functions.php, add the following code:

<?php
add_filter( 'woocommerce_get_catalog_ordering_args', 'wcs_get_catalog_ordering_args' );
function wcs_get_catalog_ordering_args( $args ) {
  
  $orderby_value = isset( $_GET['orderby'] ) ? woocommerce_clean( $_GET['orderby'] ) : apply_filters( 'woocommerce_default_catalog_orderby', get_option( 'woocommerce_default_catalog_orderby' ) );
    if ( 'on_sale' == $orderby_value ) {
      
        $args['orderby'] = 'meta_value_num';
        $args['order'] = 'DESC';
        $args['meta_key'] = '_sale_price';
        
    }
    return $args;
    
}
add_filter( 'woocommerce_default_catalog_orderby_options', 'wcs_catalog_orderby' );
add_filter( 'woocommerce_catalog_orderby', 'wcs_catalog_orderby' );
function wcs_catalog_orderby( $sortby ) {
  
    $sortby['on_sale'] = 'On Sale';
    return $sortby;
    
}

Note: you can replace the On Sale text.

Source: https://metorik.com/blog/order-products-by-on-sale-in-woocommerce