It is too high. It can collapse the filter media if the filter is not made for that kinda pressure as well as blow the gasket out in some cases. At best, is just using more power than it should to turn it and increasing wear on the drive system.
The max pressure should be determined by the spring in the bypass valve system. Normally, if the valve is free to move rather than being stuck shut, then one would look at the spring. Someone may have shimmed it as suggested above to increase the pressure bypass point. The weight of oil could have some effect as well but normally, if everything is working properly, this should be minor on a hot engine.
I would check the bypass first as suggested above.