Wifi calling is just VoIP. It's really no different from Vonage, Nettalk, Google Voice, etc. You can call any number with wifi calling. Doesn't matter if it's mobile, landline or even international. Obviously though, you're gonna get charged long distance for those international calls.
What it does reduce/eliminate is roaming charges. You can be in England or Thailand and as long as you have a decent wifi connection, calls to the US will be charged as if you were just placing the call locally.