It will play a part, but those other things usually aren’t equal.Location and lifestyle 100% plays a part in it. These players WAGs have some say in what they do. It’s not going to stop a player going from a smaller club to a much bigger club usually. It’s not going to stop a player adding 50% to their salary but all things being roughly equal it probably makes a not insubstantial difference.
I think Real Madrid and Barcelona are the only clubs with any real appeal over a Premier League alternative - and it’s more their size, prestige and history rather than location.