There is far less problem with DC generators, also known as dynamos. On those the regulator is mainly needed so that the voltage stays the same when the engine speed varies. The voltage won't jump up nearly as much if the load reduces as it would with an alternator. On an alternator, there is a large winding inductance, so the EMF has to be 80 V or more to achieve the rated current. When the load reduces, there is far less voltage drop due to the inductance, so most of the EMF appears on the output terminals.
I've seen damage from load dump. It was caused by repeated disconnections from a loose connection. Also, I've seen that the slow response and jumpy voltage of systems without a battery are real. When I've been testing car electrical systems without the battery, the slow response of the alternator is really noticeable. If a big load is turned off, the remaining lights get really bright for a second or so. When a big load is turned on, the voltage dips sharply, and recovers after a couple of seconds, or the engine stops.