An internal bypass is a pressure regulator in the pump head set to the design maximum of the pump. When the pump stops the pressure will remain until it leaks slowly away through the internal inlet/outlet valves.
A 135 psi pump will 'blow' at 135psi. If there was not a relief, the pressure would increase until either the pump body broke or more likely the motor would stall and burn out. It is like a safety valve where the blown water is recirculated.
It is unlikely that 135 psi will be obtained at the jets when the valve is opened. My twin jet wand gives around 95psi spraying and 135 static. With bigger or worn jets this will fall.