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Gifting games does not have that restriction, no.
I.e a game is on sale here and I try gifting it to a friend from a different country, unable to do so due to the cost difference being significant.
Completely different issue.
If you are trying to use wallet funds to purchase the game gift, contact support and ask them to look into the gifting flag on your account.
Wait on their response.
Or just use an external payment method to purchase the game gift.
It would specify that as a reason, not give a generic error.
First part of the video, you mentioned different region pricing which would actually give you a completely different error message stating it is due to that.
Second part is the gifting flag using wallet funds that has nothing to do with purchase amount. You even tell people to change the payment type from the wallet to an external payment method, which circles back to the first part, the gifting flag using wallet funds.
Quite misleading and not really informative.