Except, not really. Or not always. They do regulate voltage but not instantly and not very accurately in most cases. They also cause distortion, thus changing the waveform from sinusoidal, which causes its own set of problems.
Cliff uses a switching power supply which takes a very wide range of voltages and remains operational. That's certainly an ingenious device but it's used in like 90% of modern equipment.
Poor wiring is only one cause of power problems. Others don't depend on whether you need permission from the government to wipe your ass, unfortunately. Surges due to lightning are one example. Also, no matter how sophisticated the grid, it's a very complex thing with lots of events affecting it all the time, so things WILL happen to it.
Some are better maintained, some are worse. Countries with cold climate are often better because maintaining reliability dictates higher standards.