A cautionary tale with cheap ebay Voltage Regulators.

20 volt 2 amp drop that's 40 watts

This is a switching mode regulator.

There's onboard thermal regulation which prevents anything excess current being delivered to the LED.

That doesn't mean the less-than-excessive voltage from the regulator wouldn't cause excessive current / power dissipation on the led.

No, the board does not regulate current output at all: they call it a voltage regulator for a reason.