Often, yes. Most travel eSIMs reach the internet through another country, so websites and apps see that country — the IP location — and not the one you are standing in. Your phone still uses the local networks wherever you are.
Hong Kong is a common IP location for plans sold in Asia. That is why a site can think you are in Hong Kong while you are in Japan, Thailand or Vietnam.
Where the network states it, each plan names its IP location. Where a destination is sold through more than one, "Choose your IP" lists them, each with its own price, so you can pick the one you need.
It matters for anything that decides by IP address: streaming catalogues, bank logins, local prices and some apps.
Where a plan publishes nothing, we show nothing. That is a silence from the network and not a promise either way — ask us before you buy if it decides your purchase.