I suppose that this provincial campaign option is CA way of letting you have few mods installed and then choosing which one you want to play. Assuming of course that those mods dont confilct with each other.
AFAIK it is full campaign. However, I am still playing my very first EB campaign, so I have nothing to compare to

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The manage_all_settlements option is on by default. Also battle_time_limit is on and arcade_battles are of. You can't change it before starting the campaign but you can do it while playing (ESC ----> Game Options).
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