Voltage regulator overcharging

Sorry I worded it wrong. I’m getting 12.5 at splice and followed the wire going to the choke. Right before the choke is that plastic connector. It’s getting 12.5 at it but coming out the back it’s only 10.8. So it has to be in this connector. Not much to it tho I would think to mess up?
OK. You've got it.
Yup, there's not much too it but lots of stuff happens that can make a poor connection - and once it starts it getting resistance, it runs hotter and damage gets worse.
When you look in the connector, you probably see something. If not immediately, then when you pop out the terminals.

Sometimes the copper strands get stressed or broken by someone yanking on the cable by accident during a repair. Most common is some sort of oxidation on the terminals or even the copper wire. I've have two poor connections on my Wagoneer from terminals sliding a little bit back out of the plastic connector as they were pushed into place. One was on the Ford style coil C-connector, and the other on the GM style alternator connector. Both were hard problems to identify because they were still making connection, but not good ones and locked in. So you never know.