You should leave the voltage at 160VDC, in normal operation.
The regulator is a switchmode type, not linear. Some other part of the circuit, perhaps the microcontroller, must be sensing the 12V supply and then controlling the regulator by pulsing the base drive of Q9.
Q9 and Q10 constitute a Darlington pair. Q10 has a current rating of 300mA. Q9, Q10 L2, C43 and D12 constitute a buck regulator (step-down converter), and R78 (12 ohms) is the current sense resistor. If the load current increases beyond 50mA, the voltage drop across the resistor becomes 0.6V, and this then turns on Q8, which then diverts the base drive away from Q9.
ZTX458, Diodes Inc, NPN transistor, 400V, 300mA, 1W, TO92/E-line:
https://www.mouser.com/datasheet/2/115/ZTX458-92715.pdfUS1J, Vishay, ultrafast rectifier diode, 600V, 1A, 75ns, marking UJxx, DO-214AC:
https://www.vishay.com/docs/88768/us1.pdfIn short, the high supply voltage is OK because Q9/Q10 are being pulsed on and off, and Q8 is limiting the current ... when everything is working as it should.