It is often questioned by people who have begun learning physics why the 1st Law of Newton is necessary, since the 2nd Law seems to imply it anyways. A modern interpretation of the first law that clarifies why the 1st Law is not redundant, as one might suspect, is that in essence the 1st Law asserts the existence of at least one frame of reference (and thus, infinitely many based on that) with respect to which a body in space, devoid of a non-zero net force acting on it, "truly" does not experience acceleration. The relation between mass, acceleration and net force put forward by the 2nd Law only holds w.r.t. a frame of reference as postulated by the 1st Law, without which the statement would have no actual value.
The reason why I included "truly" in my explanation is that whether we decide a body has acceleration or not is on a fundamental level totally arbitrary: there is no actual justification of concluding that a car hitting the breakes on the road is the body that is accelerating and us watching from outside are the ones stagnant: An observer from within the car could well argue that he is the one who is not accelerating (which would be a true statement w.r.t. an origin of reference, say the guy sitting in the car himself) and instead the observers from outside the car are the ones accelerating w.r.t. his frame of reference.
Again, there is no justification of calling the so called effects of inertia as "fictitious forces w.r.t. a non-inertial frame of reference". Deciding which changes in acceleration are due to a "real force" and which are due to "fictitious forces" therefore, appears to be arbitrary.
The purpose the 1st Law serves here is that it provides that justification: It asserts that with respect to a "true" frame of reference (i.e., an inertial one) the 2nd Law holds and forces that "truly exist" are defined in terms of such frames of reference.
Is my understanding correct? Are there any major points which I am misunderstanding/misinterpreting?