No, by default it shows just a date start, date end and description. I would think that an address is a redundant on the map, because it can be seen directly on the map itself and if necessary on the event details page.
What are the steps to reproduce this behavior? Activating the ''Show online participants' live location'' setting shouldn't affect the map's layout. Especially taking into account that a default zoom must be much closer than you have on your screenshot. Are you sure that you haven't zoomed out and then accidentally moved the marker?
The setting in the backend doesn't affect the map of a particular event. That setting is ONLY for the all events map (the one which is on a separate page).
The zoom level of a particular event is being saved to a DB whenever you're updating the event's location manually via putting or dragging the event's marker. So the only known way of setting the zoom like on your screenshot is to zoom out completely and put/drag the event's marker thus updating its location along with its zoom state. If you want to zoom in and keep that zoom state then you must drag the marker a bit for this to be saved into DB.
The event-edit page allows only to provide an address but not the exact location. Moreover it requires the google geolocation API to be enabled. While the map on the view page allows to precisely point the exact location of an event directly on a map by placing/dragging a marker, even if an address has not been provided at all or is not available for the event.
Another brilliant module from ABQ. The Events Map module have truly enriched the user experience on our site. We use several modules from ABQ and we are very pleased with all of them. We sent them a function suggestion, and the next day they had made an update with our suggestion. Excellent service! So, to sum it up, ABQ produce highly relevant and high-quality modules. RECOMMENDED!