I realize I didn't actually answer your question, Aiden. In the first Fable, I believe Albion was meant to be a fictionalized representation of 12th or 13th century England; Fable 2, with the addition of flintlock (and the later clockwork) firearms places it at or around the 16th C; Fable 3 expounded on it a bit more.
So, yes, in a way- I think it was supposed to bring a distinctly English vibe, so naming the land Albion was appropriate. Plus, it just sounds cool...like, "ok, I'm headed to Albion for the nonce- no calls."