Yes and no. It also shows which app store country the account is tied to, and that my friend is a little bit more work. It also shows an icon when it suspects VPN. A lot of these foreign run accounts are in fact not using VPN and their host country matches their app store country. Lots of "e-girl" type of accounts are foreign owned, and there's an insane number of racist accounts LARPing as American run from places like Turkey, and other countries. I think my favorite call out was some Canadian account that nobody realized was Canadian. I think if you're going to inject yourself in the politics of other countries your audience deserves to know if you're not even living there.

You don't need an app to use X though. I've been on X for over 5 years and never installed the app. In fact, X is far better with Firefox+uBlock on mobile.