I guess it depends on how your interactions are implemented. If it’s an SPA then 200ms is absurdly slow. But if it’s a more traditional form submit or something then it would take a lot longer for your next set of pixels to comes through.
INP is the time between you click/press a key/etc and the moment the next paint happens. It’s only measured for on-page interactions, not for navigations.
It’s basically like http://danluu.com/input-lag/ but as a web metric.