How to understand Time.deltaTime properly?

Forgive me for asking such a stupid question, but I’ve looked at the documentation and Google, and I don’t think any of the explanations for Time.deltaTime are clear enough, because I don’t know the exact moment (point in time) they are describing.

So I drew a diagram, for Frame1~3, what is the value of Time.deltaTime that they get in the Update function and how is Time.deltaTime calculated?

It calculates the time between the currently presented frame and the frame before that

So at t2 it will do 0.2-0=0.2 and use that data for frame 2
at t3 it will do 0.5-0.2=0.3 and will use that for frame3
etc, etc,

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