Its voltage drop is about 0.7v so 0.7*0.7/4.7 = practically nothing.That circuit is designed to output 5v. To the extent that you want to produce more (or a variable), you can move the 470ohm / 0.5v pair to the output and change the values accordingly.Z1 is optional.
I have built this numerous times and each times it worked like a charm.
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