Is it better to read the Hobbit first, and then read Lord of the Rings?

I would suggest reading The Hobbit first.

It will give some background that is useful but also is easier to read. LOTR is full of names, histories, myths, etc. That take a bit to wrap your head around.

I did not realise until I got to the third book but there are useful appendices at the back. There is a whole encyclopedia of information there.

The hobbit has a different target audience than LotR. The hobbit is written in a style more appropriate for young people (like a kid's story, sort of). You can read them in any order, well, that's my opinion. XD I read LotR before the hobbit and I enjoyed both. So, up to you XD