Regulation and PWM only partly go together. Regulation generally means that the output will be relatively steady until the battery is depleted, then either shut off or rapidly dim then shut off. This allows maximum run-time at a given output level.
Non-regulated lights start off bright, and get dimmer for each output level as the battery depletes.
Regulation normally uses a buck / boost driver set up to keep the power (current?) to the LED at a constant level and effects the output from the battery to the LED. PWM afaik, effects the output from the driver to the LED, changing the perceived brightness.
PWM is a method of maintaining a lower level than full output, by rapidly turning the light on and off. At say 70% brightness, it will be turning on and off hundreds of times a second, at 5% brightness, this could be a lot less frequent.
So really, to answer your question, PWM doesn't have much to do with running the battery completely flat. No more than say... running it on a level with no PWM. the terminating voltage should be about the same