Not like it would have mattered, Drago probably wouldn’t have stopped. He may have gotten manslaughter charges in real life since he shoved the ref out of the way when he tried to stop it and continued to beat Apollo up til he killed him.
In real life, getting up on the ring post and waiving the towel is actually stopping the fight (see the end of Mayweather-Corrales). Refs are supposed to ignore towels flying in the ring because it could be coming from anywhere.
But cornermen are suppose to be able to step in and stop it in case a fighter is too brave for their own good. So Rocky was wrong not to stop it. My father worked as an inspector in the California state commission in the 80s and 90s, two fights stood out. Both times, the guys were taking horrible beatings, and refused to quit. Their fathers were working in their corners. They were too tough and didn’t want to quit in front of their dads. Their dads refused to stop it. Both of the fighters died. If they had better cornerman who did the right thing, they’d probably be alive.
Joe Frazier never really forgave Eddie Futch for stopping it in Manila, but he was forever respected in boxing for doing the compassionate thing. Joe’s eye was completely shut and couldn’t see and avoid the right hands.