A very detailed question Nick, and I think you'll find there's no "right" answer to the question of where the bottleneck is now. As a data management vendor that sells SAN/NAS products, I think you'll find we generally wouldn't want to describe any of our products as being a bottleneck - it's more a question of where the cost/benefit means that there is a throughput maximum for an implemented configuration.
For example, our new AFF A800 system has 100GBit connectivity, and if you scale it out and have an optimized workload, 300GBit data throughput at sub millisecond latency is within reach, at which point, it re-enforces the usual response to questions of "how fast is your system?" with another question - "just how fast do you want it?", or more usually, "how much is making this storage faster worth to your business?"
So obviously, with any config, there is a point where no more throughput is possible, and it might be the servers, or it might be the storage, or it might even be the application. As a storage architect, you need to understand roughly what it would be, and as with your diagram below, where might the latency come from. Access patterns and data volume also relate to latency - for example, you might get 100,000 IOPs at 1ms, or 150,000 IOPs at 2ms latency from a generic system.
Specifically on your diagram, I'd usually fold 11/12 together, and 4, 5 and 6 too. Realistically, you'd fold 7-10 together for most purposes too, leaving you with needing to understand latency from a vmware host level, a SAN/NAS controller level, and a SAN/NAS backend storage level.
Inside vmware, you should be talking microseconds,
between vmware and the SAN/NAS, you're talking milliseconds for most protocols (although our new NVMeOF protocol has microsecond latency, but it isn't meant for vmware)
and then to get data from the SAN/NAS device backend or cache, you're also talking a very small number of milliseconds, for flash devices.
Our blog post on the AFF A800 details some very very fast speeds and feeds, for your interest - https://www.netapp.com/us/products/storage-systems/all-flash-array/nvme.aspx
Hope this helps!