Does IP geolocation get the exact street address?
No. The database returns an approximate point plus an accuracy radius in kilometers around it, and measures an entire network block, not a specific device. Street-level accuracy is not part of what this kind of data promises.
Why does my mobile IP show the wrong city?
Because the carrier typically concentrates mobile data traffic through a handful of NAT gateways; the public IP that shows up can be registered in the gateway city, not yours, even while you are physically far from there.
Does a VPN change the location my IP shows?
Yes. The geolocation now points to the VPN exit server, usually a commercial datacenter, and there is no way to tell that apart from the user real address by looking at the IP alone.
Can a private IP, like 192.168.x.x, be geolocated?
No. RFC 1918 addresses never leave the local network or reach the public internet without going through NAT, so no geolocation database has those blocks associated with a real place.