Not to over complicate things, but you are hitting the speed limiter. or Rev limiter if you'd rather call it that. So some part of the engine is being disabled. In this case, probably the spark plugs (ignition) on a (hopefully) rotating basis. It's the easiest to disable, after all. But YOU still have your foot into the floorboard!
SOOOOO, if everything goes according to the automaker's "plan for dummies"you will get smoke, weird sounds, banging, popping, and NO MORE REVS.
If that plan fails, you will get NO MORE ENGINE!
Got it?