In short: the opinion expressed by that link appears to be plainly wrong as the organization using IP addresses to restrict EU traffic for the sake of GDPR would need the ability to actually identify people from that information, a power arising from access to other information. The vast majority of entities lack that additional, so for them, IP addresses are not 'personal data' under existing case law.
In long: I'm not providing legal advice, only forwarding details (again, non-representative) conversations I've had or been party to with various lawyers on this topic. Notably: the consensus opinion is that determining a potential IP range is specific to the EU is not the same as geolocating them as that location information is not specific enough to determine who the person is, and partly as a result of a lack of this capability and others, IP addresses cannot alone be determined to be personal data.
Related: https://www.whitecase.com/publications/alert/court-confirms-...
> The CJEU decided that a dynamic IP address will be personal data in the hands of a website operator if:
> 1. there is another party (such as an ISP) that can link the dynamic IP address to the identity of an individual; and
> 2. the website operator has a "legal means" of obtaining access to the information held by the ISP in order to identify the individual.
> On the facts, if the BRD has the legal power to compel the relevant ISP to disclose sufficient information to identify Mr Breyer, then Mr Breyer's IP address will be personal data in the hands of the BRD.
By precedent (unless I'm missing more recent case law), for the vast majority of entities possessing IP addresses e.g. through request logs, an IP address is not "personal data," and determining the continental whereabouts of an IP would therefore not be considered "profiling."
I'm not a lawyer; I'm only relaying what's come up in conversation between attorneys covering the topic. I'm open to seeing the position I'm relaying above proven wrong.