You're almost correct, except that I like to think of features and objects as the individual data entries or rows, aka records in a table.
Features are the records for spatial data, such as feature classes or layers.
Objects are the records for nonspatial data, which can also be a layer or class, as explained here by "Get Spatial": https://gis.stackexchange.com/questions/26336/difference-between-map-layer-and-spatial-dataset-e-g-f.... As an example, a utility network uses junction and edge objects "to model and work with a large number of real-world features that share a common geographical space..." ( from https://pro.arcgis.com/en/pro-app/latest/help/data/utility-network/utility-network-vocabulary.htm#ES...).