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Can a toroidal transformer be used as a voltage regulator?

The toroidal transformer itself cannot be used directly as a voltage regulator. 

The function of a voltage regulator is to provide a constant output voltage that remains stable even if the input voltage or load current changes. 

Toroidal transformers are devices used to change voltage levels, usually converting AC voltage from one level to another, but do not ensure that the output voltage remains constant under different loads or input voltage fluctuations.

However, a toroidal transformer can be part of a voltage regulator system. For example, a toroidal transformer can reduce high-voltage alternating current to a level suitable for electronic equipment, then convert it to direct current through a rectifier, and then through electrical filtering and voltage stabilization circuits to obtain a stable direct current output. 

Therefore, the toroidal transformer can work together with the voltage regulator, but it does not have the function of a voltage regulator itself.