I think you've hit upon a good measure of function quality. If you find you have to jump around a lot when reading, that would be a sign that it's poorly organized and needs to be refactored. On the other hand, if you find you don't have to jump around and can trust the sub functions by their names, then it's been broken up well.
In the best case you should be able to follow the logic without diving into the other functions, only looking at their implementation details as that particular detail becomes relevant.
From a static point of view this is true, however splitting the functionality into sub functions might later obscure commonalities that would have been obvious if they were still part of the upper function.
It all depends at which stage of development you are at. If the piece of code we're talking about is mature and rarely changing then yes it seems like a reasonable thing to do. If however this section is still under development then I would opt for another way of dealing with readability issue.
I think if what you want is to optimise the readability of the code then a simple comment above each section, combined with block scoping is a good set up for splitting.
As the true nature of the code emerges one can decide to turn the block into local lambdas then later into functions.
Again that's because of the first point I've made here in this comment. If you are still developing the functionality, splitting early means that subsequent reviews&development may miss potential interactions + potential refactorings/simplifications that would have been quite clear if the function was still "messy"
IME refactoring optimises for a local minima of code entropy. Any time you want to add new functionality, you're going to have to jump back out into 'mess' to implement the feature, then 'fix' it again with further refactoring, with all the extra overhead this entails.
In the best case you should be able to follow the logic without diving into the other functions, only looking at their implementation details as that particular detail becomes relevant.