The pressure relief valve only opens when the pressure is above the valve's setting. Thus it only regulates the maximum pressure, when the oil pump is supplying more oil than will pass through the bearings.
Since the pump's output goes up with engine rpm, but the gaps in the bearings remain roughly the same, the PRV is normally closed at idle and it's normal for the pressure to drop.
The usual rule of thumb is that 10 psi per 1000 rpm is adequate when the engine is under load. But even that is more than strictly necessary when the engine is just idling. I've driven engines that showed no pressure at all at hot idle, and they ran a long time.