King of England = The King from England / Born in England. No possession.

You are correct. It can work either way, but for different purposes. Richard II was the king of England around the year 1320. You can also speak of the England of King Richard II. That refers to the nation as it existed in that time. For example, "The England of King Richard II did not have electricity."

I think the dictionary's example is questionable. When we say 'king of sth' I don't think most people think of it as possesive. A more definitely possesive example would be something like: Scarlatti's sonatas are one movement, while those of Mozart mostly have three. The plays of Joe Schmoe have all been failures, but the plays of Shakespeare have had enduring success.

as "of" indicates belonging (the top of the mountain the tip of the tongue the people of the whole world) it's more England has a king however being a king means owning thus here it's mutual they own each other

Hello brother these are some ways to know about preposition of that I explained it for you to learn it eassy. Used for belonging to, relating to, or connected with: The secret of this game is that you can’t ever win. The highlight of the show is at the end. The first page of the book describes the author’s profile. Don’t touch it. That’s the bag of my friend’s sister. I always dreamed of being rich and famous. Used to indicate reference: I got married in the summer of 2000. This is a picture of my family. I got a discount of 10 percent on the purchase. Used to indicate an amount or number: I drank three cups of milk. A large number of people gathered to protest. I had only four hours of sleep during the last two days. He got a perfect score of 5 on his writing assignment.