As Rich notes above, intermediate pressure is constant above ambient pressure, but that assumes you were breathing off the reg.
Assuming you were breathing off the other regulator, the un-used reg, assuming a normal IP of 140 psi at the surface, would have had a pressure of about 170' psi (140 psi, plus about 30 psi for the depth). Normally, as you ascend the IP drops again, provided the reg is being used and the air in the reg has somewhere to go, so when the reg is in use, the IP stays pretty constant at 140 psi above ambient. However if it is not used (either for breathing or inflation) then the IP can be above ambient pressure as the air in the first stage will not just go back in the tank. Once it gets high enough it will vent through a second stage or OPV, but on most balanced second stage regs, you'd need an IP of around 170 psi to 190 psi for the excess pressure to vent.
So it's possible, depending on depth/dive profile, type of second stage, and whether the reg was used on ascent, that Tracy's reg could have had an internal pressure that was 30-50 psi over the normal ambient pressure when the LP hose failed.
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I'm also in the camp that hose protectors do more harm than good. To be truly effective at preventing overly sharp bends, they have to be stiff, and if stiff they are very difficult to slide back to inspect. So, they either don't get inspected or the hose gets stressed when the diver pulls on it to slide off the hose protector. And of course if they are stiff enough to support the hose, they are generally not self draining so the fitting does not get rinsed and corrosion occurs. On the other hand, if the hose protectors slide off easily (Scubapro hose protectors for example) they make inspection very easy and the design makes them easy to rinse, but they don't do all that much to protect the hose from excessively sharp bends.
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Hose inspection is always a good idea and bubble checks are a integral part of that, but it's not always going to show an incipient failure. I had a 6" SPG hose (not miflex) fail after surfacing from a cave dive at JB, and replaced it only to have the other 6" hose on the other reg fail while gearing up for the very next dive that same day when the reg was pressurized. They literally both failed at opposite ends of the same surface interval. Both hoses looked great, with no visible wear damage, bulges or bubbles, were only about a year old, and were not bent at sharp angles in use.