there's something I don't quite get

My fuel pump is an in-line Bosch rated at 11.03 BAR = 160 psi
My fuel pressure regulator is for EFI rated at 43.5 psi and non adjustable (apart from the vacuum port)
I'm sure this is a stupid question but...
Is the red fuel line in the diagram above at 160 psi or 43.5 psi ?
My understanding is that the fuel regulator will open and send the fuel back to the tank when it reaches 43.5 psi, or am I being confused
