What actually happens to your prepreg can be very complicated because prepregs have variable amounts of permeability/porosity for gas flow. The breather materials under the vacuum bag are designed to be permeable so it is easy to says what is happening there. When you apply 20 inHg vacuum, that is what you will have in your breather. That is 10 inHg of absolute pressure (the pressure above a perfect vacuum. This is the gas pressure in the pores of the breather
Venting vacuum when the autoclave reaches 20 psig (above atmospheric pressure, or 35 psia) is a common, but very poor practice. Air will flow back into your breather and into your part if there is still porosity/permeability in the part. Prepregs do not fully consolidate until the resin is fluid enough to flow into pores, which is usually around 140F. That is when vacuum should be vented and autoclave pressure increased.
The purpose of venting is to maintain a minimum hydrostatic pressure on the resin during cure. If the resin bleed during cure is not carefully controlled by bagging technique used, the resin pressure will fall to the vacuum pressure in the breather. At high temperature and low pressure the volatiles in the resin will cause it to boil, and result in major porosity in the part.
I have written longer answers to this question in the past. You can do a search for these posts.