Yes. And the configuration folder is not C:\Program Files (x86)\Mp3tag but in a standard windows-installation %appdata%\Mp3Tag and you find the library in the subfolder \data\library.
As Ohrenkino already wrote it is not a good idea to use a NAS if you want to speed up the loading.
Anyway there is another possible limiting factor if you use the antivirus-software from Microsoft (Defender) as I wrote here:
You have to define an exception for mp3tag.exe in the antivirus-settings of windows.