PokerTracker

For me, clearing this up would be helpful.

It is my current belief that the Analyze/Cluster/Vacuum cycle has absolutely nothing to do with the actual data involved in the database. Rather they help the database itself perform best/better.

Under this assumption, my hand play is not being analyzed, no any other facet of my game. This leaves any and all hand play analysis to me, and the filters at hand, or eventually at hand, or self developed over time.

Right or wrong?

You are correct. Clustering tidies up the database and keeps it compact, Analyse is a kind of indexing to improve retrieval speeds. (Vacuum is the thing that actually removes unused stuff, but Cluster aparently includes this).
So Cluster first, then Analyse.

..then analyse your play! ;)