This one: \begin{align} V &= 100 + 1 \\ &\cong 100 \\ &\cong 50+50 \end{align}
or
\begin{align} V &= 100 + 1 \\ &\cong 100 \\ &= 50+50 \end{align}
This one: \begin{align} V &= 100 + 1 \\ &\cong 100 \\ &\cong 50+50 \end{align}
or
\begin{align} V &= 100 + 1 \\ &\cong 100 \\ &= 50+50 \end{align}
There is no universal convention: Both the notations you described are used. Your reader will understand both, so you can pick the one you are more comfortable with (but be consistent). If you have a multiline relation like $$\begin{align}A &\approx B\\&\approx C\end{align}$$ there are two ways to interpret the second line: