We believe it clearly states what it does here:
This module adds an interactive map of locations for all kinds of content like profiles, events, videos, timeline posts, etc. Anything that supports location field.
Nowhere in its description it is stated that the module affects the Location field itself. In Addition to that at the very end of the description there is a note:
...Location Picker module which allows to use Location field without having to use Google Maps.
for people who are willing to change the behaviour of a Location field on their sites.
Anyway the Location Picker module will not give you a map of a site-wide data content entries like the Locations Map does. The Location Picker changes only the Location field itself, by replacing a Google driven textbox with an OSM map. If that is not what you're looking for then please confirm that you'd like to cancel the order.