Debug spawning a volcano won't create a new place but a new entrance to the already existing volcano's inside, it doesn't seem to change anything about volcanic eruptions. The game won't zoom out when approaching a debug spawned volcano until the game is reloaded.
It is possible to debug spawn a cave entrance inside of the volcano, entering it will create a cave but exiting the cave will greatly confuse the game and lead one to come out in a regular world and not a shipwrecked one.
When launching a boat cannon at a volcano, it is possible for the bombs to all roll to the same spot on the volcano, which results in none of them detonating.
Removing the Volcano via the Console will cause player to be locked in zoom out, until they exit the game world. This will also not remove eruptions and spawning burning rocks.
If the volcano is in view as an eruption period ends, it may continue the eruption animation without spewing any missiles.
While the Volcano is in view, and the camera has zoomed out, the player cannot rotate the camera.
The Volcano erupting, as seen in the Shipwrecked trailer.