that you might expect 1.4V or so voltage drop between collector and emitter (2 x 0.7V)
Well, that doesn't make sense because the CB junction is reverse biased, when considered as a simple PN junction, so the forward bias 0.7V of a simple PN junction does not apply to the CB junction, nor does it apply to the BE junction, either. A bipolar transistor is -much- more complex than just two diodes pointing in or out.
I suggest some deep reading on semiconductor physics if you really want to get a better understanding of this. All the graphs of transistor curves aren't going to do anything more than show you that it is what it is.
And no simple schematic symbol or simplified sketch of an NPN junction is going to help, either. You should have some understanding of the standard model (of physics). Some. Do you know what the N and P mean? What are "holes"?