I don't think either is spot-on, but it is a good way to visualize and remind yourself of what is important in your project.
Even the projects themselves have their own hierarchy. Do I care that the one-off crud app the boss asked for to update some reference tables ever reaches the "Enlightened Phase"? Probably not. I don't think I would get any "Actualization" from that.
But that browser based game I am writing at home? Or a library my colleagues are going to use at work? Or some crud app that is going to be used extensively by people everyday? Then I think it is worth it to look at those projects from the point of view presented here.