You answered your question, it is subjective and contextual for you in the current project.
What if I test the site only with HTML without any complex resources? There is no TTI measurement point. On the other hand, check out this demo site .
The big picture is here
The blue line marks the event "COMContentLoaded" (the main document is loaded and the markup is parsed), the red line indicates the load event, where all page resources are loaded. The TTI line will be between two lines, which is determined differently for each project, based on some resources that are important for the interaction of loaded events.

For example, let's say that the images on the demo site are not essential for the basic functions of the site. While the main site loaded in 0.8 seconds, 3 large snapshots took 36 additional seconds to load, so in this case using the total response time as KPI will give a response time of 36 seconds, whereas if you define TTI, excluding those large , resources, you end with <1 s.
I really want to understand this metric, because it seems to me that it is the most useful.
Definitely useful, but as you said in your question, this is project specific. You will not measure TTI on a simple, relatively static web application, you probably would measure the overall response time. I always define KPI “adapted” for the current project, instead of trying to use common indicators and “force them” in the project.
So my question is, does anyone measure this, and if so, how do they do it?
Having definitely used it before, you should define the main resources for your site, and when the last of these resources loads, this is your TTI. It could be a javascript, css file, etc.