The principle of dropping vacuum when full pressure is reached was developed in the early stages of composite manufacture, when resin systems typically had a high volatile content. Maintaining vacuum with such systems during cure is actually likely to increase void content and size by continuing to "boil" those volatiles off. When you vent the bag to atmosphere, the air in the spaces inside the bag equilibrates with atmospheric pressure, so you get a few molecules of air flowing into the bag, but only where wthere are spaces left after consolidation.
A vac bag consolidates the composite by excluding air, thus subjecting it to atmospheric pressure. Autoclave pressue is over and above that presssure, therefore consolidation can be maintained, so the vacuum is not needed for consolidation, provided of course that the bag remains sealed. Some autoclaves require that a minimal vacuum level (e.g. 5 "Hg) be maintained as a way of checking whether a bag has started to leak.
New resin systems don't tend to evolve as many volatiles as the old ones, so it is possible to maintain vacuum during cure without ill effects. For resin systems such as cyanate esters, for which moisture present during cure can pose a problem, it may be advisable to maintain vacuum (although I'm not sure of the effectiveness of this approach: prevention is better than cure).
This is as near to an explanation as I've ever managed to extract from people on the subject during my 4 years in composites engineering.