More or less. The exact border is hard to trace, but «Европа» often refers to Europe as an economical, political or cultural entity (I believe that's something not unheard of in English too). I wouldn't say that I'm “in Europe” if I was in Belarus (I'd just say “in Belarus”), but Poland, for example, is by all means Europe.
Why can't сейчас be omitted? How does сейчас change the meaning of the sentence in Russian and as it is translated into English? I feel that it's trying to demonstrate contrast between present condition versus typical reality. I left it out of my first English translation. She is (now) in Europe. To me, now is putting some sort of emphasis on time that either has to be meaningful and contrast something, or it is superfluous and my first answer was right.
The reference to time is not superfluous - it can easily link up to a contrasting state of affairs in context e.g.
"Has she arrived?"
"[Yes,] she is now in Europe"
"Is she still in China?"
"[No,] she is now in Europe"
I don't see why you would use 'now' if this kind of effect wasn't intended