The pressure reducing valve probably has a built-in back flow preventer(check valve). As the cold water enters to water tank and is heated it expands. That explains the surge of pressure you get by opening the hot tap.
By adding in potable water expansion tank , after the pressure control valve, on the cold water line before entering the water heater will make up for the expansion. Note temperature & pressure
releif valve seeting is aprrox. 150 psi and 210F.