Beautiful day here too to deliver Harris Walz yard signs

the temperature. Your burner is only supposed to kick in based on temperature in the tank. The probe in the tank and the temp sensor work together. Remember I said the pressure "should" have nothing to do with it. But there could be some fluke situation where the probe going into the tank has been damaged and so the sensor is calling for the burner to fire and probably stay on more than needed. I would be very doubtful that just reducing pressure is going to solve your problem. The probe(s) need to be checked for damage and if undamaged then your sensor(s) might be bad. You could also just have had a probe failure unrelated to anything to do with the pressure. I would recommend a plumber at this point because you don't want to have this "running wild" condition and risk a guest or child getting scalded and checking the probe/sensor/thermostat is more than most average DYI folks should really get into unless you just want to wholesale replace everything to be sure. But your probe is supposed to sense the heat and when the sensor part of the system sees it as meeting the thermostat setting it is supposed to shut down. That's the deal and reversed for firing up the burner. You could have a stray electrical issue with the system in which the signal to shut down the burner is affected also. Several possibilities but a plumber will put the test equipment on it and tell you quickly.

Your water heater has three sensors on it: a flammable vapor sensor, a thermocouple and a mercury sensor.

The flammable vapor sensor detects flammable quantities of flammable vapor and shuts off the gas so the water heater won't burn your house down.

The thermocouple watches the pilot light, and if that goes out the thermocouple shuts off the gas to help prevent the house from burning down.

The mercury sensor is a sealed glass tube with mercury in it that sits in the water in the tank and monitors the water temperature. It controls the flow of gas to the burner.

These fail in two ways - they can fail so that the gas will never go on, or that it never goes off. These are not hard to change, but since you've got a tank of overheated water on your hands I'd recommend calling a plumber to change it - they are trained to deal with this.

That's enormously high.
Not counting pressure drop, a water tower would need to be 185 feet tall to deliver that pressure. (14.7psi for every 32' in height.) And again, that's not counting line losses.
Does your town have booster pumps? Or are the water towers 20 stories high.