I think you have it pretty close. Also FPGA are good for low volume custom circuitry. ASICs are good for high volume custom circuitry. And things are a hybrid o

I think you have it pretty close. Also FPGA are good for low volume custom circuitry. ASICs are good for high volume custom circuitry. And things are a hybrid of the three these days. Something like a cell phone has a ASIC with standard features like an ARM core, cellular communications, WiFI, display controllers.