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This is correct. When vacuum is applied to the regulator it reduces pressure. If you go wide open throttle vacuum drops, and pressure rises. Pull vacuum hose while idling it should jump up to 44.
Those numbers look good to me. At Wide Open Throttle you have very little vacuum so it would be a little less than the engine off reading of 44psi. Pull the vacuum line off while idling and you should see between 40 and 44psi.