What INP measures
INP measures the longest interaction latency observed during a user's visit (technically: the 98th percentile of all interactions, with a few exclusions). An interaction includes mouse clicks, taps on touchscreens, and keyboard key presses. Hover, scroll, and continuous gestures are excluded.
The metric captures three sub-phases: input delay (time from input to event handler start), processing time (time spent running event handlers), and presentation delay (time from handler completion to the next frame painted). All three contribute, and any one of them can blow the budget.