Still is the norm. DVDs an Blurays are still region locked. Even on a PS5.
And although physical games are not region locked, PSN games and content are dependent on the region.
So although not as strict as it once was, region lock is still a thing.
Look at the price in Europe and the USA. Usually, the prices in the USA are around 20-25% cheaper, because they don't have VAT included. The best example of this are GPUs, such as the ones Nvidia sells. In the EU, they are much more expensive than in the USA.
But the Switch 2 has just a 15$ difference. This is because the Switch is set to release after the tariffs enter in effect. Nintendo is already prepared the price for that.
You can be certain that other consoles, GPUs, and other hardware will also see price increases in the future, as the current stock dwindles.