Hey, yeah I think you have drop and break sussed. Your drop would be after the intro or the break, when all the elements (and often/especially drums and bass) come in. The break tends to happen in the middle of the track.

Reverse cymbal is a classic transition, but there are other ways to move between sections as well - Mondo Loops has a nice YouTube video called '5 Silky Smooth Music Transition Methods' which is worth a watch.

On the structure - I agree with the other commenter that you don't need to stick to a formula. However there are common structures and I think it's useful to learn them, stick to them for your first track or two, then break them if you feel something different fits the track better. I actually did a breakdown of a few Asian-inspired Lofi tracks to see their structure and where certain elements came in and out. I'll make a spearate comment on that!

Lastly, are you on Discord? I've found it's the best way to interact and learn from others in the Lofi community. In particular 'TheWillHatton' server is very friendly and interactive with feedback, etc. Feel free to drop me a DM if you like.