Yes, it does.
If you're based in a developing country, your content is going to be presented more easily to people within that specific country and by extension your region.
Depending on your niche, you can broadcast further.
Maybe you're in India and since you picked a specific niche that not too many people in India follow, but is quite popular in the United States, then YouTube can side-step the process that I described above and broadcast your content to the United States.
With all of the above said, this is really a minor consideration because if you want your videos to actually gain a lot of traction and views every time you publish, focus on your analytics.
I would say I published 20 videos: 4 days or 5 days apart.
And then focus on your analytics.
You would notice clear patterns.
You would see that certain topics get a lot more traction than others.
You would see that certain writing styles draw more clicks, and so on.
The way YouTube has set up its system is that the analytics will actually teach you which direction to go so that your later videos have a higher chance of going viral.
So to recap, does the location of your YouTube channel or the country that you're in matter?
It does.
But it doesn't have as big of an impact as other factors.
At the end of the day, it's about the quality of the experience your viewers get.
Zero in on that, and YouTube is sure to reward you.