Yes, as mentioned above, clamping is about the only advantage. Quite often you'll find both a voltage regulator and a slightly higher voltage zener diode, which performs the clamping function. If a zener on its own is sufficient to regulate the voltage, then why have an additional regulator?
If there was a voltage regulator, what makes you think it would need to have a low drop-out voltage? If the input voltage is always more than a couple of volts above the output, then a standard regulator would do a better job.