No, World is like a continuous, stationery, 'invisible' version of a texture and the model textured in that mode displays (or is textured with) whatever is happening in the texture at the model's position at that point in the world space. If that's not clear then I will say that in contrast, Object Space binds the texture to the object (and its 'space') and therefore moves with it and stays put. like putting on a coat.