I have a query in class based OOP paradigm aspect of imperative/dynamic python language. Below is the diagram for a class hierarchy in python taken from link.

As per the diagram, I understand that, Every datatype in python is a class. bool class is direct child of object class. When we create a new user-defined class(Natalie) then object class will be an ultimate ancestor for this class. class objects(int/str/object) themselves are instances of type class. In java world we call it as 'Class' class instead of type class.
My question is:
1) Is my understanding correct?
2)
If yes, Am confused with the arrow direction from type to object class. How do i understand this?
3) I could not understand/visualise these two phrases(in brown), Please help me on this.
the object class is an instance of the type class and itself
the type class is an instance of the object class and itself


