It's just missing a few steps: First, remove the end from the lower (still empty) half of 7-minute hourglass, causing it to drain its sand, while it runs. When the 7-minute hourglass runs out, do the same with the 4-minute hourglass (being on its second run). Flip the (now empty) 7-minute hourglass over and let the rest of the 4-minute hourglass drain into this. As the latter runs out, flip the 7-minute hourglass for 1 minute worth of accumulated sand (minus a few grains lost over handling procedures). ;-)

No, this is precisely correct. To simplify further:

1. Start H4 and H7

2. Flip H4 when it runs out (4-minute mark)

3. Flip H7 when it runs out (7-minute mark, 1 minute left on H4)

4. Flip H7 back when H4 runs out again (8-minute mark, 1 minute elapsed on H7)

5. When H7 runs out again (after 1 minute), exactly 9 minutes have passed