Some larger companies use public IP addresses for everyone's desktop, but they're still behind a firewall. So these are "local" in the sense of behind their firewall, despite being "publicly" routable addresses.
An attacker can create a domain name pointing to any IP, including 127.0.0.1 and 192.168.1.1. So browsers won't gain any security by looking at the domain name.
Some larger companies use public IP addresses for everyone's desktop, but they're still behind a firewall. So these are "local" in the sense of behind their firewall, despite being "publicly" routable addresses.
An attacker can create a domain name pointing to any IP, including 127.0.0.1 and 192.168.1.1. So browsers won't gain any security by looking at the domain name.