There is never a 'right' or 'wrong' when it comes to timelines. But in all my years of shooting weddings, I find that most timelines go in one of two directions. The first option is to start the reception with a first dance or welcome speech, and then you sit and enjoy your dinner with your guests. Once everyone is done with dinner, then you start the major events like special dances and toasts. This will also give you more time to walk around and greet your guests.
The second option is for the major events to be done while guests are eating. For example, once all of your guests have at least received their food, then you start with speeches and special dances. While things do move quickly in this scenario, it becomes more like entertainment for the guests while they eat. It would also require fewer booked hours, because you get pictures of the major events sooner.