A one-way function may be inverted with enough computing power but a non-invertibility means that no amount of computing power will produce the inverse because information is missing. Would that be correct?
And OWF is basically a hashing function like SHA-256
Where as the concept of non-invertibility may apply to the elliptical curve used for bitcoin wallet generation?
Yep. Point multiplication is similar to hashing in the sense that it is hard to get the input (the private key) backs from it. And half the points on the secp256k1 curve have x- values which do not correspond to a private key number. This implies that point multiplication on secp256k1 is partially invertible, but I could equivalently say that multiplication inside the entire interval of 1..(group order of the curve) is not invertible.