Explain Css animation behavior?

Here's a simple example which demonstrates the behavior of the opacity property of a fading text with an infinite animation https://jsfiddle.net/kc7t62ge/.
Setting the opacity programmatically (by clicking the button LOL) does not interrupt the animation, which makes sense. However, the opacity now alternates between 0 and the new set value, in my example 0.3. Why is that? Is there a hidden property behind the css animation being set, aka max-opacity of some sort?
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