If they were Ubisoft, Sony, Nintendo or any other shitty company they could block access to the Steam account or ban it outright, cutting me off a library with hundreds of games. Hopefully, Valve is not like that yet. So, yes. I trust they wouldn't do anything fucky when they notice that I'm connecting my Steam account to a device, theoretically, blocked in my region. But there's some really intrusive shit you could do to prevent access or force it to be a piracy only machine.

I mention it because I remember some friends tried to grey import a PS5 and the device soft locked them when the IP didn't match the region they chose. And Nintendo has done way worse, up to outright destroying accounts.