Our short version of the timings was:
12.00 ceremony
15.30 wedding breakfast
So the timing is the same as yours, just brought forward a bit.
The reality was that the ceremony finished around 12.30. There was drinks and canapes afterwards and lots of chit chatting and catching up.
The photographers rounded everyone up for group photos, including a confetti shot. Because there's always some guests that disappear just at the wrong time, and the general chaos of trying to get a massive group of people to do what you want, when you want, this took a good hour.
Guests were then left to grab a drink and chat amongst themselves while we went off for separate photos.
They were then invited to start taking their seats around 14.30. We were introduced in at around 14.50 and did the speeches first at 15.00 in time for the food to be served at 15.30.
It worked out fine for us and I saw no evidence of people being bored.
Everyone expects there to be a bit of a gap between the two, especially if, like us, you're in a venue where the ceremony room is the reception room, and the staff have to run around like headless chickens to set it up to your vision.
One thing we liked was that our wedding coordinator invited us to come and look at the room when it was empty so we could see it set up. It was lovely to see it like that as otherwise the next time I saw it, it was full of people and one table in particular had already spilled a glass of wine of the menu card!