SteamDB questions

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Look at Dying Light, it's indexed in Germany, you can't buy it here, but afaik you can activate a key, i know several friends, who have it in their library

It looks like you are asking about "Puzzle Chronicles"

From what I can tell, if a game is region locked it will say 1 of 2 things:

1. "This package is only purchasable in specified countries" AND "This package can only be run in specified countries"
2. or "No cross region trading and gifting"

Example 1: Borderlands 3 (RU/CIS)

Example 2: Tales from the Borderlands

View attached image.

View attached image.

if it's a key, it usually says on the store page. I mostly use GMG and Fanatical, and they have a region tab that says where it can be activated. Which store have you used to buy the key?

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My understanding is that means no regional pricing has been set by the publisher, which means you cannot purchase the game in regions using those currencies. Is that correct?

To be more precise, it means it can't be purchased from steam store. Does not affect retail shops or key activation in any way.

What I really want to know though is if the key will activate in other regions.

Well you can't. There is no ways to tell this for sure. There is some things that can help to get the idea, but it's all not precise. If we take your example, to get information about keys you need to switch to packages tab: https://steamdb.info/app/19020/subs/
Every key activate some package, not appid. So, you will have either find out, which package this key is for, or check all possible packages. It's impossible to find out which package the key is for without redeeming the key, or at least attempting to redeem (if you have the same game already it won't be redeemed, but you will get information you want).
Next step, if you know the package id, you can check if it's restricted or not. For example the game above has package 4625 -
Puzzle Chronicles (UK). If we go to the page for this subid and open information tab https://steamdb.info/sub/4625/info/, we will see this:

This package is only purchasable in specified countries

Isle of Man, Jersey, South Georgia and the South Sandwich Islands, United Kingdom of Great Britain and Northern Ireland, United Kingdom, Ireland, Australia, New Zealand, Austria, Belgium, Bulgaria, Cyprus, Czechia, Denmark, Finland, France, Greece, Hungary, Croatia, Iceland, Israel, Italy, Luxembourg, North Macedonia, Malta, Nigeria, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Spain, Sweden, Turkey, South Africa

As you can see, key with this subid (=package) can only be redeemed in some countries, and nowhere else. There is another kind of restricted packages, that can NOT be redeemed in specified countries, but can be redeemed everywhere else.

But bad thing is - even if you know which package some key is for - it's not guaranteed to follow this information. I've seen keys that does not have any restrictions on steamdb page, but still can't be activated in some countries. And on top of it, steam hides more and more info over time, so if you don't know package for some key and you analized all displayed on steamdb packages - it can be for some package that's not listed on steamdb yet. That's why I say you can't know if key will activate for sure, you can only know it to some extent. And of course you can't trust information showed on retail seller site - for example, fanatical.com have this feature where they show countries where key can be activated, and I've seen a lot cases, where this information was outright wrong.