Agreed, my list was more of a general view of the whole process. Asset latency, blocking and requests all fit in Page Rendering in my mind. Actually, DOM processing and Page Rendering are very closely related.
Actually, using your logic, #4 is right. I worded it wrong, "Only done after all the "assets" are downloaded" should be "Only completed after all the "assets" are downloaded". More often that not, you'll see high (6 seconds+) Page Speed scores because Page Rendering isn't completed due to missing or slow assets.