I had used a single warehouse for 2 physical locations (just separated by the river Rhine, people can cross the river by boat, trucks have to drive 30 km)
I separated them with storage locations and by storage type.
This saved certainly some effort for customizing and some master data, however, people always have to add the storage location when creating manual TO's
I never loved this way since I prefer to setup locations and warehouses according to their physical realities.
While consultants are able to set it up this way, normal warehouse users have a hard time to understand such setup.
But there was a strong demand and some history to do it that way and it was not possible to convince them with pros and cons as they had no experience. They quickly encountered the pain after go-live. They got confused about where the stock physically was. Had a lot confusion with stock transfers between the 2 locations.
All in all the time needed to clear all doubts was many times more than the time saved for the customizing and master data creation.
People got used to the setup but all agreed that they would do it differently if they had to do it again.