What VPS2Cloud measures
It measures, from the machine it runs on, the latency to each region of 22 cloud providers: 392 regions in all. For every region you get the median, minimum, P90, jitter (the mean difference between consecutive samples) and loss, and a tier: T0 up to 30 ms, T1 up to 80, T2 up to 150, T3 up to 250, T4 above.
Each region is represented by a public endpoint the provider runs there, such as an API or object storage host, so it tests the network path to that region, not a virtual machine in it.