As stated.... NO it won't... If you'd do what was asked you'd already see this in action. As previously stated Region is a single string field NOT multi-string. Equal To checks the entire string is equal to the criteria. If the game's region is "North America, Europe" (without quotes) and you utilize the playlist filter: Region - Is Equal To - North America, then the game is NOT picked up. It WOULD be if you had Region - Contains - North America.
All you need for any of the playlists you've mentioned thus far is the equal to comparison. For the 4th you'd just have all three filters in so that LB uses it's OR comparisons:
Region - Is Equal To - North America
Region - Is Equal To - Europe
Region - Is Equal To - Japan
Doing so would grab all games who's region is EXACTLY one of those 3 values and NOT include games that have region strings similar to "North America, Europe" (without quotes).