You described a hard real-time system. That exists for things like the controllers on a jet. What's becoming much more prevalent are soft real-time systems that perform analytics. There won't be any catastrophic failure if deadlines aren't meant - and there may not even be any expressed deadline - it's just understood that the data must be processed and analyzed as fast as possible to be useful.
I certainly did describe a hard real-time system. It's nice to see that other people recognize the distinction.
Every time I see a post describing a "real time" system I always read into it hoping that what they are describing is a hard real time system, because they are neat, but they never are, probably because they are so difficult and expensive to build. Also I guess they aren't the most relevant type of system for the majority of people here, who are dealing (as you say) with customer-facing front ends.