As the title goes, create one region with command, like /rg define theArea -w world -g
And set the flag to yes, but players still got items lost if he died in this world.
I've tested that normal regions defined through worldedit selection tool could trigger the function correctly.
Using: 1.21.4 Purpur build latest,WorldGuard Extra Flags 4.2.4 with WorldGuard 7.0.13.