Yes often to imply a location. North or south. Or even in the moutains (up) vs. in the valley (down). Sometimes I will say "up there" and then realize the location I am talking about is actually south but I don't bother to correct myself if the meaning is clear to the listener.

It could imply geographical location, or it could be meaningless. To give another example, if you say "walk up/down" the road it might mean the road is uphill, or downhill. However if the road's flat then you can say either, and the meaning is identical.

You can also say 'What's the weather like over there?' meaning a place that is neither north or south, but east or west.