The context of the verse is the direction which is faced in prayer.
It covers the ruling of salah of a traveler who can not determine the direction of the qiblah because of clouds, or when he is offering voluntary prayers while his ride is moving. (see the hadith is Muslim and Ibn Majah).
It covers the case of dua, it can be made facing any direction.
It answers the objection of the Jews regarding the change of qiblah from Masjid al-Aqsa to Masjid al-Haram.
Regarding the part:
فأينما تولوا فثم وجه الله
So wherever you [might] turn, there is the Face of Allah.
— Quran 2:115
There are various interpretations for what "face of Allah" means. It may mean the approval of Allah, i.e. wherever you turn Allah is pleased with it. This is similar to how the expression is used in the following verse and hadith:
إنما نطعمكم لوجه الله لا نريد منكم جزاء ولا شكورا
[Saying], "We feed you only for the face [i.e., approval] of Allah. We wish not from you reward or gratitude.
— Quran 76:9
لن يوافي عبد يوم القيامة، يقول لا إله إلا الله، يبتغي به وجه الله، إلا حرم الله عليه النار
If anybody comes on the Day of Resurrection who has said: La ilaha illal-lah, sincerely, seeking Allah's face [i.e. to win Allah's Pleasure], Allah will make the Hell-Fire forbidden for him
— Sahih Bukhari
As for the creed of whether Allah is omnipresent, then He is certainly omnipresent in the sense that His power and knowledge extends to everywhere. Going into more depth however this is a complex matter and there is difference of opinion on aspects of it.