In this case, чи is exclusive and або is inclusive.
Asking "Вода холодна або гаряча?" is like "The water is either cold or hot?" which doesn't make much sense :D
"Water, cold or hot?" A natural way of saying "Do you want (adjective) or (adjective) water" in Ukrainian?
That's very colloquial, so no.
The meaning of this sentence (there is no comma after "water") is "Is the water cold or hot?"
I tried to say both orders in Ukrainian in my mind and figure out which one sounds more natural, and just got confused. So I guess both are natural? :) I think it depends on the context.