By "insulin depot", do you mean the area of subcutanous fat where the infusion bit sits?
The pump is pretty straightforward - X amount of insulin comes out of the sharp bit. That's what it knows about. If it's giving you 1U/hour, it'll do that in drips over the hour. Eg Omnipod doses in multiples of 0.05u, every 5 minutes, so it'll give you .1, .1, .05, .1, .1, .05, .1, .1, .05, .1, .1, .05.
Yes, absorbtion rates from the body after it's come out of the pointy bit will vary and will be important. I think the pumps have an "Insulin on board" idea to help with that. So if you're dropping and you've got insulin on board, yes, it'll stop dripping in for a bit. Sometimes really quite a long time.
If you're dropping fast and you've got insulin in you, yes, the pump won't be able to do anything about that. If it's going too fast, isn't going to stop, and you don't already have food in you, you'll need to eat.
If you inject 10u and it takes 4.5 hours to release, consider why you're doing it. This will be a bolus dose for food - and the sugar from eating doesn't all come at once, it also spreads out over time. So it's not a problem, it's a feature that the delivery ends up being slow - the requirements aren't that it's instant.
Yes, if you're throwing a lump in as a correction, that will suffer from delay - but the hope is that the pump/sensor has noticed it going up higher sooner than you did, and has already been giving you slightly more, so it shouldn't need as much correction.
So everything you've written is correct - but the algorithms have been designed to cope with this, and they do generally work. Not perfectly, and probably not for everybody, but IME they're better than being on the fixed basal dose that slow acting injectable insulin gives you.