At 900 rpm, you can see that the voltage is reducing during the first half of each dwell period, and after the spike, the voltage is higher and steady.
What is happening is that the coil current is increasing during the first half of the dwell. That is normal, and that is what the dwell time is for, so that energy builds up in the coil.
The voltage reduction comes from the resistance in the supply wires, combined with the current taken by the coil.
At around 5 ms, something in the coil decides that the current is enough and turns it off, causing the spike and the spark. After that, there is no current taken by the coil so no voltage drop and the current is steady.
When that coil is used in a car, the engine management computer would almost certainly never let the dwell time get to 5 ms. The time-out within the coil pack is there in case there is a faulty computer or a short in the wires. and the current would just get really big, really quickly and blow fuses or burn out the coil or harness in a few seconds or less. That would be expensive in coils, or fuses if you are lucky, and would also be difficult to diagnose as there wouldn't be time to make measurements.
Older cars had a lot of resistance in the coil, so that the current stopped increasing once it had got to the correct value. However that was very inefficient with the large dwell times at tickover, and the coil was at its maximum current for a large proportion of the time. Also at high engine speed, with a mechanical contact breaker, the dwell time couldn't start immediately after the previous spark, and the compromises that allowed the coil to not overheat at tickover meant that there couldn't be as much current so the spark energy wasn't the best.