[Help me] ROW Launch is equal to...?

Activation and run locks are separate things. Being able to activate a key doesn't necessarily mean you can run the game.

it basically means it's not region locked

WW (Worldwide) is actually the code to indicate something isn't region-restricted or locked.
ROW is the "rest of world" not covered by specific region-restrictions. ie, "Here's our EU region (and its restrictions), here's our RU/CIS region (and its restrictions), here's our Germany region (and its restrictions), and here's our Rest-of-World region (and its restrictions)."
Quite a few games don't set special restriction codes, but still release with region restrictions in mind, so ROW for those games acts equivalent to WW. For other games, the ROW region doesn't have any special restrictions set, and again acts equivalent to WW.
However, for some games, ROW is exclusive, and can't be activated within regions contained within other region codes- as such, you can't ever fully assume ROW is always going to be activatable in every region.

and not censored

Likewise, NONE of the codes relate to censorship, only to publishing restrictions. (To explain that simply, even if a publisher is willing to allow a key to be activated in a region, that region itself may prohibit that version of the game from activating. Region codes only factor in the publisher side of things.)
At times, this may mean that you're able to activate a game, but the game ends up not allowing you to connect to download servers for the game while your location is within a prohibited region, regardless of what code it has. Dead Rising 2: Off the Record's store page offers a good example of that type of consideration- note the warning box at the top of the page.
Again, usually not an issue, due to keys for such regions typically also being activation-locked- but, as with ROW labeling, it's a potential risk to be aware of.

I did check that but it doesn't say any limitations. Since it says ROW it should have limitations, probably 1 or 2 places I assume?!

Steam should tell us these things more clearly... I find it a mess.

Well, even if the key is region-restricted to ROW, ROW is (as I detail above) inclusive of all regions not contained within other restricted listings. As the only special regions for the game are JP, BR, EMEA/ANZ, and RU/CIS, and as Portugal is in none of those regions, you can automatically assume it will be covered by ROW. Of course, (as per my censorship explanation above,) that doesn't necessarily mean you'll be able to connect to download the game. Then again, that is (as far as I'm aware) an extremely rare situation, and one that can be true for any ROW activation.
In short, unless you see a PT or EU special region set for the game, you really shouldn't have to worry about a ROW key unless there's a warning box on the store page (as per the example above).

If what's throwing you off is the 'Launch' part, that's just the publisher's own personal notation. Variations to the region code like that aren't really important from a consumer-side perspective (at least not that I've ever had chance to encounter); so we can just go off the region-code alone. To support that assumption, note that (ROW Launch) is the only (ROW) typed key offered for this game.

https://steamdb.info/app/339340/subs/