It's a bit more complicated than that, as the TL431 itself has gain that changes rather significantly with frequency. We also sometimes throw a bypass cap in to send more of whatever is riding on the HV regulated rail back into the regulator, and that also alters the AC impedance a bit.
IIRC, the AC impedance of something like the shunt regulator in the Extended Foreplay III without the extra bypass caps was a couple hundred ohms at 120Hz.
PJ could author a more thoughtful response on this topic but he's on vacation so I'll fill in as best as I can till the expert returns.