What Exactly Does the Lagometer Display?

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I've been playing Minecraft for quite some time now, and I remember in previous versions of Minecraft (I don't know if it still exists) that there used to be a graph on the screen when the player pressed F3, called the "Lagometer" I never understood what the graph detailed, and would like to know specifically.
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What does lagometer do?
A lagometer is a display of network latency on an Internet connection and of rendering by the client. Lagometers are commonly found in computer games or IRC where timing plays a large role. Quake and derived games commonly have them. Advanced lagometer consists of two lines - bottom and top.What does white mean on the Lagometer?
The white top of the line shows the time in the world update part of the code. This is where world blocks and entities get updated, for example: mobs spawning, water flowing, redstone working, trees and plants growing etc.What is LAGOMETER? What does LAGOMETER mean? LAGOMETER meaning, definition \u0026 explanation
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Ann H, Suji Su, Amelia Hallsworth, Juan Manuel Montejano Lopez