When you choose "View > Transform > None", you are looking at the chromatogram points that Skyline extracted from the spectra. The chromatogram curves is drawn as a series of straight line segments, and every vertex between line segments is a spectrum from which a chromatogram point was extracted. If you click the mouse on one of those vertexes Skyline will display the spectrum which resulted in that point.

The algorithms that Skyline uses for peak finding and integration only work on chromatograms where the points are evenly distributed in the time dimension. For this reason, after Skyline has finished extracting chromatograms, the first thing that Skyline does is resample the chromatograms in the time dimension so that all of the points are evenly spaced. You can see what that resampled chromatogram looks like by choosing "View > Transform > Interpolated". Whenever Skyline is calculating peak areas, or peak heights, or background levels, Skyline is looking at the interpolated chromatogram.

The peak detection algorithm that Skyline uses works by first taking the second derivative of the interpolated chromatogram, and then looking for the places where that second derivative crosses zero. If you choose "View > Transform > Second Derivative", it is sometimes helpful in terms of answering the question of why Skyline did or did not detect a peak in a particular place, but is probably not helpful for anything else.

If you choose "View > Transform > Savitzky-Golay Smoothing" you can see a chromatogram which is sometimes less noisy and easier for a human to look at.

The transforms "Interpolated", "Second Derivative" and "Savitzky-Golay Smoothing" all have vertices at exactly the same time points.

If you adjust the peak boundaries by clicking and dragging on a chromatogram graph, Skyline will always make it so that the peak boundary ends up being exactly on one of the Interpolated points. That is, even if you are looking at the raw chromatogram "View > Transform > None", your chosen peak boundary will end up being exactly where on one of the points in the Interpolated chromatogram.

If you would like to learn more about this resampling and peak detection, there is some interesting stuff in section 3 of Dr Pino's "Skyline Ecosystem" paper:

https://analyticalsciencejournals.onlinelibrary.wiley.com/doi/epdf/10.1002/mas.21540
There might also be some helpful information in "How Skyline calculates background and height":

https://skyline.ms/wiki/home/software/Skyline/page.view?name=tip_peak_calc
-- Nick