My understanding so far after a couple days is that joining a community gets it to show up on your front page but has no effect on it displaying under topics.
In topics these are pre-built groups of communities (like multireddits). You can’t modify them.
Feeds are custom groups (like a multireddit) you can make that are just like topics except under your control. You can manage what communities are in the feed and show up under each category. You can create a feed that shows up as a “sub-feed” just like in topics. If you join a public feed it is like a user made topic where you can’t change which communities show up in the feed.
Am I understanding these correctly?
Pretty much, yeah.
Topics are the administrator curated categories of communities, intended to help people identify communities they may want to join/subscribe to.
Feeds are exactly as you say, user curated categories of communities. Public ones are someone’s shared collections/curations that you could join/subscribe to if it looks like something you’re interested in and don’t feel like making yourself.