@jea48 -
Does the green arrows represent the signal traveling from the source to the load through the dielectric insulation?
Is the EM wave the signal, or does the EM carry the signal? Or is the signal embedded in the EM wave?
I'm certain you've seen a 60Hz AC trace on an O-scope.
As you're aware: that's (basically) a picture/capture of a 60Hz, sinusoidal electrical wave and what's being driven, when combined with its corresponding magnetic wave (resulting in Poynting vector's direction) from source to load*.
Were it the DC voltage/current, from an amp's power supply, modulated by the amp's output devices, into an amplified musical signal; it would appear much more complex, but: still a sinusoidal wave.
*outside the dielectric, in the discussed model
That voltage potential exists, outside of a hot AC lead's conductor/cabling, even without a closed circuit, is why a non-contact voltage detector can work.
Hope some of that helps.
Happy listening!