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?

No. The carburetor sees whatever pressure the regulator lets it. Think of my example above. It does not matter that the carburetor is a carburetor. It is just another section of line.