In ANY rolled machine* thread, the major diameter of the threaded area will be larger than the blank diameter, and the minor diameter smaller by the same amount. In essence the blank diameter will be ALWAYS be equal to the average of the major and minor diameters.

As such the nipple will bottom out when it's thread reaches the end of the thread on the spoke, and what you see in the photo would be impossible. Of course it could be made possible if someone passed a drill through the nipple and removed 1/2 the thread depth.

It would also be possible to make spokes with thicker end the same length as the thread, so it transitions from thread to thin section with no full blank diameter showing. To my knowledge nobody does this. Probably because they make butted spoke blanks in a limited number of lengths and then trim and thread them in 1 or 2mm steps.

* it is possible to roll threads with the major/minor diameter average larger than the blank by altering th shape of the thread, ie. a wide U shaped root, and a narrow pointed peak. Wood screws are an example, but that's not relevant to what we're discussing.