The shop owner will have a choice to use countries (native WC geolocation) or Zones that you can customise within WC to personalise customers shopping. What does it mean?
The customer based in France will enter your site (shop owner will decide if to ask visitors for their delivery address upon entering the site - popup provided as well) and your shop will automatically show the amount of stock you have available for that country if any.
So to answer your question, yes and no. In the screenshot number 1 you have region and locations (the naming may change mind you) - Region = you chose where in the world to offer this inventory. Location = is to specify where the inventory is located within your company structure. So for example France - Nice - Warehouse 1 - Isle 2 - shelf 2 - position 3. This info will be available for your dispatch team when they get to complete the order.
Hope this helps.