No, it does not apply to all tables in the application, but rather to all instances reusing the specific table model.
Shared property values are shared across instances of the same model. If you reuse the same table, by dragging its model from the Repository to another location in the model editor, than it will have the same (shared) property values as the other instance(s), just as it will have the same contents. Local property values on the other hand, only apply to the specific model instance on which they were defined.
When you drag a new table element from the palette, you create a new model, with default predefined values for all properties, a default (empty) row, etc.
Just try this and see for yourself ...
For best results, use the Firefox browser..