Yes, it is something like this.
Compare it to the geometric series. You have f(q) = 1+q+q²+q³+ ... and you know that you can rewrite the series as f(q) = (1-q)-1. You know that the series converges for |q| < 1. Once you have the expression f(q) = (1-q)-1 for some q with |q| > 1 it would be silly to write it as a series as that would mean to throw away a finite expression and replace it by something that diverges; nobody would do that ...
But in QFT, especially in a perturbative approach, all you have is the diverging expression. You can't re-sum it explicitly to get the finite expression, you have to live with the infinities that are created by such a stupid approach. Of course you would be happy to be able to use finite expressions only, but unfortunately nobody is able to derive them. Therefore you have to live with the infinities.
[Attention: don't get me wrong, my example with the geometric series is not in one-to-one correspondence with QFT; it is not the re-summation of the power series in the coupling constant, but applies to every individual term in the perturbation expansion; it is only an example where you replace a finite expression by something infinite]
So my guess is that the reason why regularization and hiding of infinities works is a hint that there is an underlying finite expression which is still to be discovered. The infinities arise simply because we have not yet managed to express QFT correctly, that means based on finite quantities only. The point where everything gets "wrong" is when you start to use perturbation theory. Perhaps the problem arises even earlier when you take a classical action integral and use it as a starting point for the construction of a quantum field theory.Perhaps already the replacement of fields with field operators is the wrong turn, I am not so sure about that. But it definately becomes "wrong" when you use perturbation theory.
So we believe that there is something like f(q) = (1-q)-1 but unfortunately we only know f(q) = 1+q+q²+q³+ ... .
[Remark: there are hints that non-perturbative calculations or new theories like SUGRA or strings may cure this mess. As far as I understood the latest ideas rearding finiteness in SUGRA there could be a different turn where it usually gets wrong in QFT. It could very well be that it is not allowed to use Green's functions G(Q²) off-shell. As far as I understood the approaches to prove finiteness of SUGRA, they rely on on-shell symmetries of G(Q²). Nevertheless it means that we use the wrong expressions and that the correct ones are still to be discovered]