Help me understand a bypass regulator location

A Holley Blue pump says it pumps 14 PSI. The 12-803 BP regulator is adjustable from 4-9 1/2 PSI. With the regulator mounted after the carb. Wouldn't the carb see 14 PSI until the regulator than it would be what ever the regulator was set at after? I guess I'm a little thick in the head. I just don't see how set up like this that the carb would see the same pressure as post regulator?