Not really. It has more to do with the force and speed with which an object is thrown - less force, less speed, and it's "tossed". It's just easier to throw something overhand, and toss something underhand, but watch a softball game which the ball is pitched underhand, and you'll see that balls can be thrown very hard underhand. And watch me try to throw a baseball, and you'll see that balls can be tossed overhand. I never did get the method for throwing a baseball, which for an American boy growing up in the 1950-60's meant there was something wrong with you.
Pretty much, although the exact word endings for the different cases will depend on the word. It isn't always -у versus -e.
There are also a few exceptions (the "locative case" covered in the "Around You" lesson) where a stressed -у ending is used for saying that something happened "at/in" a place. The example in the notes is Мы в аэропорту́. = We are at the airport (https://www.duolingo.com/skill/ru/Around-you)
In this particular case it is rather easy.
Location is where action takes place. With в and на you use Prepositional (a.k.a. Locative) for the location.
Direction is the place where action goes (though it starts somewhere else). With в and it requires Accusative.
- there are a tricky borderline cases with verbs of "putting" that allow two interpretations (to "move" the object from somewhere to a place X or to "leave" the object at a position X). Return to the topic a few months later :)