OK...
A quick over view of the system is... all the black rubber lines you see are low pressure. Between the tank and the carbs... that is under a vacuum as the pump in the carb draws the fuel in. The return line has a very small amount of pressure, but only enough to return the fuel to the tank, in an unrestricted hose. (the pressure is just enough to overcome the rise in the hose)
Once the fuel enters the carb, there is a diaphragm pump. This pump will supply enough pressure to push the needle and seat open in the carbs. In your engine, that is about 40 psi. There is also a restriction in the return nipple of the carb, so any pressure above the "Pop-off" pressure becomes the return fuel.
After the pump, (this is all internal of the carb) the fuel's pressure opens the needle and seat, and enters the bowl diaphragm. (the same as a float bowl in a std carb) This pressure is known as the "Pop-off" Pressure. The Pop-off pressure is the equivalent of setting the float hight on a std carb. Now that you have fuel in the bowl, the pilot and high speed circuits feed from it. The pilot system has a jet, a idle adjust needle (low speed fuel) and multiple bypass holes in the venturi. All of that works together to have a smooth idle, and good throttle response to about half throttle. All the fuel goes though the jet, and it becomes the limiting factor in the system.
In the high speed system, you have a check valve, a jet, and the high speed needle. In this system, the jet and the high speed needle have their own supply of fuel, and can be adjusted separately. The check valve is there to keep the pilot system from sucking air back.
Sorry if that got long... but you asked for an explanation.
If your engine is cutting out above 5000 RPM... it could be a few things, but all of them are a fuel starvation situation.
1) the filters could be clogged.
2) the valves in the pump are going bad
3) the high speed jet is clogged
4) the check valve is leaking
All of the above can be taken care of with a carb rebuild with OEM Mikuni kits. (there are issues with the aftermarket kits right now)