Later on in deployment, it will go somewhere else. Somewhere that has been evaluated for being able to handle it.
In that way, /dev/null is to storage what `true` is to execution - it just works.
Both (along with a lot of the standard utilities) are a testament to what talented C programmers plus years of people beating on them in unintended ways can achieve in terms of reliability/stability.
The newline is a line terminator, a command outputting an incomplete line without a line terminator is producing garbled non-textual output. Files which contain incomplete lines without a line terminator are similarly garbled non-textual files and not very different from /dev/urandom or any other binary file.
A command could very well be manipulating the cursor on its own and intentionally not writing newlines when it wants to overwrite text such as in a progress bar.