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by TooKool4This 1559 days ago
No this will just turn off the ability to find your phone by using other people's phone. You will still have the phone report its location and be able to locate it in "Find My" but lose features such as being able to find the phone if its out of battery/turned off/not in cell reception range.

Image of the current settings and explanation: https://imgur.com/a/TepOqb2