I have created a URL alias (/admin/config/search/path/patterns) using different tokens, including also location tokens. When saving a new node, the alias is correctly created, using all the tokens defined in the pattern. Only the location token is missing in the alias.
The correct alias with the location token can only be created by bulk deleting the aliases and bulk updating them again.
Since all the tokens but the locations tokens are correctly seen, it seems that it's a location related issue.