It performs two functions. If an input transient comes along it will be clamped by the TVS with excessive voltage dropped across the resistor.
It also reduces the maximum dissipation by dropping voltage.
However it should be noted that this is a rather marginal design. The TVS doesn't really start to clamp until the input voltage is well over 30V which is the stated maximum input and also the absolute maximum input voltage for the L78L05.
At the stated maximum output current of 100mA there will be about 105mA through the resistor and it will drop 12.6V and dissipate 1.3W (acceptably within the 2W rating for many purposes).
The regulator, with 30V in, will dissipate about 1.8W so the junction will be about 100°C hotter than ambient with 6cm^2 of copper heatsink. Chance are the junction will be hotter than absolute maximum even in a cool office environment, and if Ta gets much hotter than that, and there's an enclosure keeping in the 1.3W from the resistor and the 1.8W from the regulator the semiconductor will be well into danger territory.
So there's two ways for this circuit to die catastrophically.