Briefly that's exactly what happens. It depends on how much stuff you've got running at the time compared to how much load is taken off the alternator as to how high it goes, the regulator controls the field windings, not the output voltage directly hence there's a limit too how fast they can react. If you get the very heavy duty alternators then they clamp the output with some oversized Zeners or transzorbs, but that's money that many manufacturers choose not to spend.