With dust cap in place, inhale, if you can draw breath it's not sealing. Every reg I've ever owned seals. Of course YMMV.
It certainly does seal well enough most of the time. My point about "dust" vs "water" cap is that they aren't sold for the purpose of keeping water out. If you get water in your first stage, you can't blame a manufacturer. It happened to me, it could happen to you. Obviously it seals well enough for most people because if you've ever been on a dive boat, you see most divers put the cap on and wash their regs in a bucket when they get to shore.