This supply first steps down the 220vrms supply then thru bridge rectifier then thru series limitor then thru capacitive filter n finally thru zener regulator after which the regulated dc voltage goes to the load. Ofcourse there r ripples at the output of a regulator cos its not a perfect dc supply.
Therefore it cant be used in digital n high precision high frequency circuits. Do u know why zener regulators r not commonly used as voltage regulators??