Gas and oil get drawn through the jets of the carb by the air moving through the card. From there it goes to the bottom end (carnk) area of the motor where it is then forced up, around, and on top of the piston into the combustion chamber. If your motor is turning high RPMs with the throttle closed, very little air is flowing which means very little gas and fuel are getting to the crank and then combustion chamber.
Two strokes don't provide anywhere near the engine braking of four strokes and it is very dangerous to them (as you've found out). Besides, engine braking is less predictable and less effective than using the real brakes. With an MX bike, accelerate until you have to slow down, then pull the clutch and use both brakes until they are on the verge of locking, turn, repeat.
BTW, welcome and what kind of street bike?