I’m going to presume you’re not conducting illegal activity such that you’re worried about getting caught. Given that presumption, what risks are you trying to mitigate by treating your cell phone as you describe?
Knowing what companies are on the market. My cell phone location would pretty much tell you who is being invested in or about to be sold. That could really cause trouble.
William Binney once said in an interview that one could also analyze which pair (or cluster) of cellphones went off together, and then analyze possible rendezvous.
I think one way to circumvent this is to force all participants to keep the cellphones in their offices/homes, and then meet elsewhere at a predetermined time, with no one carrying phones.
As many security professionals often say, it's not about whether I do any illegal activity, it is also about whether someone can "impersonate" me for various crimes like phishing. The less sensitive information people know about you, the safer it is for you.
I live in a country which retains phone location data for 2 years and can be warantlessly accessed by hundreds of government agencies down to tiny local councils and has zero oversight.
Would love to "mitigate" the risks of that information falling into the wrong hands whether legally accessed or not, sadly it's too much effort so I don't.