Ohm's law describes the relationship of Voltage (Pressure), Current (Flow), Resistance (Resistance), and Power (Watts) -- no matter the complexity of the circuit. It's a law.
The device isn't oscillating (current moving forward and backwards), it's switching On and Off - the width(duration) of the On and Off pulses are is used to derive the output power from the device. The pulsing DC is driven into a transformer or voltage multiplier, capacitors and inductors smooth the output so it appears to be DC without any "ripple".
At the silicon device level, there are limits to how much voltage (pressure) and current (flow) it can handle -- this is determined by the chemical and physical makeup of the device.
In your Telephony days ( me too, 2600Hz and 3700Hz are your friends

), susceptibility to voltage sag/brown out conditions were related to the devices that used thermionic emissions from a "heater" element (tungsten) to function. The rapid cooling and subsequent heating of the element caused by the brown out would make the element break/fail. Suddenly, no more microwaves were coming out of the cavity (magnetron)... or if you were still running with VT's in your SxS or crossbar CO, they would fail for the same reason (1ESS, 5ESS were 100% solid state as I recall, although there may have been some huts along the way that still used VTs in their frames).