The valve is supposed to release water if the pressure generated by your pump is more than needed by the cleaner. That's the "relief" part of "pressure relief valve." The pressure is determined by how tight the many-sided cap on the side is. Looser is more relief and less pressure to the cleaner. Normally it will be fully tightened down. You can unscrew it a bit if the cleaner is moving a little too fast. There are also restrictor plates of different sizes for bigger changes.
The main thing is to get out the manual for the cleaner and do the test that counts the number of rotations of the wheels per minute. It should be 28 to 32. See "Checking Wheel RPM" on page 7. If you're in range, no worries.
If the cleaner is doing its job properly, that is normal. I got tired of watching that and just turned the relief valve so it faces the bottom of the pool. Problem with that is that you don't know if it has broken, and they do break, as soon, and the pool gets a bit dirty.
I ran across this many years ago one of my pools. Then just again a few weeks ago.
Polaris OEM relief valves are getting the wrong springs put in them. Replace the pressure valve with a 1" male thread PVC plug. (standard at any hardware store). About <$2.
I keep 1 or 2 of them on my truck. Usually they just die of old age, but evidently now a QC error from factory, right out of the package..
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