mppt vs pwm

So when in "PWM mode" is it just that the MPPT gizmo circuit thingy is still working, but now instead of trying to keep at a moving target MPP, it now just fiddles with panel voltage to get "enough" power, which can also be a moving target if loads are applied on and off?

Since MPP is at the knee of the IV curve with Vmp being lower than Voc, it seems the panel voltage would go down the steep slope to the right to get the reduced power which means panel voltage is higher than Vmp during Absorption as stated by 12thgenusa above?