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I suspect it cuts the fuel pump and not spark, Wisconsin. I'll have to consult the manual later.
In any case, bouncing off the rev limiter is simply sloppy driving. It's fun, don't get me wrong, but sub-optimal for shifting your car and driving fast.
I remember looking at a HP curve from a Dyno run, and doesn't the peak HP output occut BEFORE we reach redline? Wouldn't it make sense to shift at the point of peak horsepower (or only slightly after), instead of taking it all the way to redline?
This topic has been discussed years ago, plus every now and then the new owners come along.
Your techo will blink 3 times after you passed the red line, quickly shift right after the third blinks. this will land you in the highest power possible in the next gear (that include good clutching and flooring). Go try, you won't hurt her, just dont over-rev on the decline.