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Yes, but there is another wire showing connected to the battery cable. Where does it go? Is it your CB cable? Is that the one you said you can disconnect as well and the light stays on?
If the CB is HARDWIRED, and left on...It can cause a draw.....
Here's my alt, took the GND wire off, no difference. The lug on the right is labeled BAT so is connected to the battery cable side of the solenoid, fuseable link was cut off, so I have a 60 amp fuse in line.
EDIT: When I got the truck, the GND lug wasn't connected, or the BAT wire. Don't know how the thing worked at all.