I notice at the tail end(not counting flavor text) of the spell description it says, "Also regeneration of mana is faster."

This isn't a complete sentence- but that's not my issue. Is this actually true? Is it true but misleading?

I don't seem to regenerate mana normally and using this spell on myself doesn't seem to cause me to regenerate mana.

Have you tried using Insight with Mana Restoration? Maybe this spell boosts that skill.