It does not take much power to or from the regulator to power the excitation coil. If you remove power from the excitation coil (either by the regulator doing its job,) or the key switch removing power from the whole circuit, the alternator will cease to produce power. I believe the bulb is a parallel take off from the charging circuit. If it burns out, you should still be able to charge.
If you put a metal screwdriver near the hub of the alternator (motor off and key off) There should be no magnetic draw since the excitation voltage is not present. Turn the key on (don't start the motor), and the regulator will send power to the exciter coil and this in turn will set up a magnetic field (and thus pull the screwdriver toward the hub of the alternator.) That excitation coil only needs enough 12v power to establish a magnetic field and thus induce a current when spun in relation to another set of wires. The regulator will increase decrease the current applied to the excitation coil in response to system load/demand and thus increase the amperage being supplied by the alternator.
In fact, the above screwdriver test is a great way to check if an alternator problem is with the regulator circuitry. If it never develops a magnetic draw when battery voltage is applied to a stationary alternator, then it is impossible for it to produce power.
The Blue Black line in the diagram appears to be the one providing power to the regulator. Switch off the key, and the alt. stops making power, but keeps spinning, and when the magnetic field collapses, the power is discharged to the batteries, vice frying the alternator.