@vamshik153
I believe that duration would be the time taken to complete each and every step in the Flow. So I believe the answer would be "both" and even more than that, "all" parts of that Flow run.
In other words, it would be the time taken for not only the trigger block to complete, it would be the time taken for each and every other action block in the Flow to complete. So if the trigger is doing something, it counts that time (I believe even that block technically might be taking some time, though for most triggers it is usually a very small amount of time, so it might show as 0s when opened up and inspected individually), and for each and every action, that time for each action is taken and combined, and you get the total time you see for the Flow in that column in Run History.
To see individual times of each action, you can open the run history and see visual representation of how much time it took for each block - including the trigger block itself, as well as each individual action block.
Essentially, the time you see in that specific column "Duration" in Power Automate is the sum of the total time taken for all parts of the Flow run - the Flow trigger and the Flow actions as well. By the way, I don't see it in milliseconds, but actually in hh:mm:ss (hours:minutes:seconds) in that column, example:

In above example, each of these runs took approximately 3 seconds in my case, (and not 3 milliseconds).
Check if it helps.