Average PCP will find a pressure range where the forces kind of counterbalance (the sweet spot). Using a Disco. sized air tube as an example, it might have a run of 20 shots where the vel. doesn't vary more than 20 feet per second, say from 1800PSI to 1100PSI.
So over that 700 psi range, the forces counterbalance. As the air pressure decreases, the valve's dwell time increases, and the result is about the same vel. over that pressure range. At fill pressures higher than 1800 psi, the force of the air pressure is too much greater than the force of the striker, giving a very short valve dwell,and vel. is lower. At some even higher pressure, just like a too-hot co2 gun, the force of the striker is totally overcome by the force of the gas pressure, and the valve is locked up releasing no gas at all when fired. At pressures lower than 1100 psi, the valve is at max. opening (longest dwell time).
With a regulated HPA supply of air (lets say produced by a paintball type regulated HPA tank) is that the pressure the valve needs to open against never changes, at least until the pressure in the regulated tank reaches the regulator pressure...then, like you mentioned, it becomes a low pressure PCP and has to try to self regulate.
Problem for both PCP and HPA guns is this: the valve opens a lot faster than it closes. To close, the valve stem has to push the striker back, being resisted by both the weight of the striker and the spring tension that powered it. OF the two, it's the length of the opening movement of the valve that does the most for the pellet, that longer slower closing stroke is mostly wasting air. One of the reasons that as power increases, gas use really-really increases. At some point, no matter how much energy is put into the striker, vel. doesn't increase but gas use does.
I try not to let the air tank get to regulator pressure. On an 850psi out put tank, will stop shooting by 1000-950psi. On a 1200psi out put HPA tank, will try to stop shooting by 1300PSI. There is an area right around the regulator's set out put, where the regulators seem to regulate inconsistently, and velocity gets erratic.