I don't see why you wouldn't be able to take your dragon out of the isles? All they said was that you would use it for flying 2.0 in the Dragon Isles, not that it was somehow tied to that continent specifically.
I am going to go out on a limb and say that if you summon your dragon outside the Dragon Isles then it will just function like a normal mount, similar to how Pocopoc can be gained as a battle pet that keeps all your customizations outside ZM.

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