Azure Public IP Global vs Regional Tier

When creating a Public IP Adress in Azure i can choose the Tier between Regional and Global.

We are using the IP Adress for Azure Application Gateway Standard_V2. When i want to use a Global Public IP for it's Frontend i get an error that only Regional IPs are supported. I get that Azure Application Gateway is a regional Load Balancer that can't balance load between regions and routes only to Backends in a single region.

I don't understand the consequences of choosing the Tier for the Public IP tough. Here i read that

Public IP addresses are associated with a single region. The Global tier spans an IP address across multiple regions. Global tier is required for the frontends of cross-region load balancers.

But does that mean, that the IP Address is only reachable from clients within a certain region? We will create a DNS Entry pointing to this IP Address which will be available globally. Or is this region just refering to where the Azure Resource is created?

Markus Strobl: I did couple of testing and identified below things.

1. Irrespective of type of tier selected for the Public IP address while creating, you can associate it to Azure Resources which are located in same Location as that of the Public IP
2. Irrespective of type of tier selected for the Public IP address while creating, these IPs can be reached from any location (post allocating them to Azure Resources)
3. If you want enable Cross-region load balancing, then the Public IP has to be created under Global Tier.