This dump is pwm. It will dump at battery volts but the thing goes on and off.
If your battery was at 28v and the pwm was 50% you would have 28v square waves with 50% duty cycle. A normal mean reading meter would read this a 14v.
With a mean reading voltmeter you will see a dump voltage proportional to dump current and the mean current will be the mill current minus anything still charging the battery. When duty cycle reaches 100% you will see battery volts across the dump load and it will be a steady current equal to battery volts divided by load resistance.
If it worked as you implied the current would be constant and all or nothing.
Flux