Yes, you have it wrong, first the barrel jack has a series diode, then you will will be applying 4.3V to the input of a 5V regulator. That regulator needs at lease 6.5V in order to work correctly.
Your regulator circuit you posted is wrong anyway. You don’t have to be able to read Chinese to see the application circuit and you will see that that needs a 10uF capacitor on both the input and output lines to ground. You used only one capacitor with a value of 100nF or 0.1uF which is 100 times smaller than the recommended value. This will have resulted in your regulator oscillating, that is not working correctly.