Voltage Regulator

Not really.
I don't understand your answer. Of course it can. One that for some reason is causing a "full field" (full charge) condition, and or a large capacity alternator, or an alternator that is recharging a somewhat dead battery and actually working normally.

I used to have an SW 100A ammeter in the old Landcruiser, SB Mopar, and for quite awhile had one of the old "big frame" 105A units on there. Two batteries and a winch. Yeh, you could bury that 100A meter!!! I think I had no6 wire in the charging circuit, and should have been larger

But monitoring VOLTAGE is the key. If the thing is running at normal charging voltage, and if the ammeter will not center eventually, you likely have a battery problem.

Do a little reading in the service manuals. There's a chart in most of them, showing voltage vs temperature. The other "go to" really popular problem, is voltage drop in the harness/ ground which can cause over-voltage, but that will not "bury" the needle.