Is this normal and is it from the engine or trans?

[Houston Ben]

Hey all,
I have had this question in my head for a long time but just been ignoring it. I have a 2011 5.3 w/6L80. You know those times where you slam on the gas and the tranny kicks down but for whatever reason (someone cut you off) you have to let back off real quick? Well when I do that my tranny seems to not know what to do for a few seconds but there is still all this buildup in the engine (high rev)and then it sounds like my truck farts and all that pent up energy is released, is this normal?