Yes, low voltage zener diodes are pretty lax as to the actual voltage. They are sorted out of the pile during production into bins, the voltage across it at a specified current being the only factor. Run it at another current and it will have a different voltage drop. I wanted some zener regulators as rough voltage control, so went and bought a dozen diodes of 3V0, 3V3, 3V6 and 3V9 at 1W, and then simply ran them at 50ma and redid the selection, as I wanted 7V5 at 50mA, so it ended up with a chosen 3V0 and 3V6 diode in series. Perfect to limit the charge voltage in the cheap light so it did not cook the 6V SLA battery any more. Original used a current limit resistor off a supply of 12V open circuit, so it tended to kill the cells fast. I was not going to spend more than $5 on fixing the charger, including the cheap battery, so zener regulator it was. They work well now, at least 2 years per battery instead of 6 months.