Yes. If you have a 'regeneration aura' on a creature enchanted by an Aura with totem armor, and that creature is dealt lethal damage, you have two choices for replacement effects, and must pick one. If you were to pick regeneration, then there would be no more event to replace, as in rule 614.6:
Quote from Comprehensive Rules 614.6 »
If an event is replaced, it never happens. A modified event occurs instead, which may in turn trigger abilities. Note that the modified event may contain instructions that can’t be carried out, in which case the impossible instruction is simply ignored.
Then, Totem armor couldn't replace the destruction event anymore, and wouldn't destroy itself.
If a creature to which an Aura with totem armor is attached is under a regeneration effect (e.g., if that creature is Thrun, the Last Troll and its last ability resolves) (C.R. 701.14a, 701.14c), there will generally be two replacement effects that would replace that creature being destroyed with something else: regeneration and totem armor (C.R. 701.14a, 702.88a, 303.4k). For neither effect does that something else involve the creature being destroyed, however (C.R. 701.14a, 702.88a, 303.4k), so that choosing one will make the other inapplicable (C.R. 616.1, 614.6, 614.7; see also C.R. 616.2). However, if the effect that would destroy that creature provides that it "can't be regenerated" (e.g., Wrath of God), any regeneration effects won't apply (C.R. 701.14c; see also C.R. 608.2c, 101.2), so that the totem armor effect remains.
Then, Totem armor couldn't replace the destruction event anymore, and wouldn't destroy itself.
See also this thread.
EDIT (Feb. 13): Correctness edit.