I have no way of knowing, but....That's interesting hard to tell from a photo how larg that is...If it closed do you think the reg would be able to deliver enough air at 100 or 130 feet?
I don't think that in the unlikely even the part came loose that it would happen in the middle of a dive. I think it would have happened during assembling gear for the dive, and if the flow is restricted at all affecting performance, you would know something was amiss on the way down and be able to stop your descent long before it became an issue. I don't know if any testing was done at depth with a "loose part" configuration, but it would certainly provide air, maybe just more like a bargain price unbalanced piston at depth, rather than like a Legend.
My take is that the worst case likely is having to call a dive and sort out the issue once topside.