is pancreas a receptor for glucose regulation or a corrective organ?

the pancreas has a blood glucose sensor complex that responds to high blood glucose by releasing insulin from the beta cells , or to low blood glucose by releasing glucagon from the alpha cells. The liver is the organ responsible for regulating blood glucose.High blood glucose spikes will trigger glucokinase to initiate roduction of glucose -6P for ultimate storage as glycogen , for syhntetic processes requiring NADPH produced via the pentose shunt ( which is fueled by glucose-6-P ) or for glycolysis and energy needs . Low Blood glucose is corrected by glucagon receptors activating glycogenolysis in the liver thus producing glucose-1-P then glucose-6-P which is cleaved by glucose 6-phosphatase to free glucose that enters the blood. The same stimulus also enhances gluconeogenesis ( glucose synthesis ) by reversal of glycolysis and reciprocal regulation of phosphofructokinase ( reduced activity ) and fructose 1,6 bisphosphatase ( enhanced activity ).

What Merlin's Feline means is "yes".
In this system, you could call the pancreas the receptor, because it is the first place that the thing being regulated (glucose) interacts with.

Just like the thermostat is the receptor for the air that is being regulated.

I suppose the "corrective organ " would be the liver, because that is what actually corrects the blood glucose level - like it's the furnace or AC that actually corrects the air temperature.