Traffic prediction is a critical task in spatial-temporal forecasting with broad applications in travel planning and urban management. Adaptive graph convolution networks have emerged as mainstream solutions due to their ability to learn node embeddings in a data-driven manner and capture complex latent dependencies. However, existing adaptive graph learning methods for traffic forecasting often either ignore the regularization of node embeddings, which account for a significant proportion of model parameters, or face scalability issues from expensive graph convolution operations. To address these challenges, we propose a Regularized Adaptive Graph Learning (RAGL) model. First, we introduce a regularized adaptive graph learning framework that synergizes Stochastic Shared Embedding (SSE) and adaptive graph convolution via a residual difference mechanism, achieving both embedding regularization and noise suppression. Second, to ensure scalability on large road networks, we develop the Efficient Cosine Operator (ECO), which performs graph convolution based on the cosine similarity of regularized embeddings with linear time complexity. Extensive experiments on four large-scale real-world traffic datasets show that RAGL consistently outperforms state-of-the-art methods in terms of prediction accuracy and exhibits competitive computational efficiency.