I would not be so quick to poo-poo the Physics regents or to say that no one is concerned about it.
While failing the physics regents will probably not be a barrier into getting accepted at CUNY/SUNY, it can be a barrier as far as getting accepted into a *specific program * at CUNY/SUNY.
If Op is looking to go into the Macauley Honors Program at CUNY especially as a STEM major, yes, they are going to care about the Physics regents, As CUNY is trying to become more holistic in its admissions process, if Op is looking to go into the Honors program at City College or a more competitive major, yes, they going to look at the regents. Even at the privates, the more selective the school, the more the physics regents is going to matter. Don’t ever think that schools are not looking at regents grades, they are. I have had kids who were rejected from SAT optional schools because of regents grades (it’s on the transcript so it is fair game).
Every state has state exams, remember the Regents is just the name of high school state exams in NY. Right or wrong, NYS probably has tougher standards to graduate high school than many other states, where you only have to meet the state standard in ELA and Math.
The physics regents like all other Regent exams will be on your transcript.
The Physics regents pass rate is also used as a metric of college readiness as to the strength of your high school.
I agree with @empirepineapple, that the exam is an equalizer. While your class room grade is extremely important as it shows what you do day in/day out as you walk in the building, the regents shows how you performed against your peers in the state when it comes to the content.
Even at CUNY, there is a box that states, what type of diploma are you graduating with. Even at SUNY, you are reporting regents scores.
Currently are you in a position to get an advanced regents with Mastery in science (achieving at least an 85 in 3 science regents)? If yes, then you are good and I would still advise retaking for a passing grade.
Are you on track to get an advanced regents diploma with honors that includes Mastery in Mathematics and Science, which the highest level diploma that you can get in NYS?
The pool is wide and the pool is deep and there will be plenty of kids in the pool who have passed the physics regents.