How secure is the hashing salting stretching process as described in this diagram

Question

When storing passwords securely, we often use a combination of hashing, salting, and key stretching to make them harder for attackers to crack. However, the security of this process depends on various factors, such as the strength of the hash function, the uniqueness of the salt, and the number of iterations in the key stretching process.

Looking at this diagram, I want to understand if the method used here is secure against modern attacks like brute force and rainbow table attacks. Are there any weaknesses in this particular approach? Should any additional measures be taken to improve security?