Yes, it should. It's more of a game balance reason than anything else since if someone is regenerating they are not in danger of dying when they're bleeding, which takes the danger/risk (and some of the fun) out of adventuring.
If you ask because in your experience regen is not stopping when the lycan PC is bleeding and trying to stablize, please send me a PM with the details since that would be a bug.
If you ask because in your experience regen is not stopping when the lycan PC is bleeding and trying to stablize, please send me a PM with the details since that would be a bug.