I'd say that is about right.
I normally see the RTE and LabVIEW as two different things. So the
application (.exe) run in the RTE, the code (.vi) runs in LabVIEW. But your
diagram is probably technically correct.
The hardware layer can be handled by the operating system, depending on the
hardware. For instance, serial hardware is probably handled by the OS,
although I'm not sure where VISA plays a part. TCP/IP hardware also goes
through the OS.
Regards,
Wiebe.