When Wireless Malware Stays on After Turning Off iPhones [pdf]
arxiv.org
arxiv.org
These features have some additional negative externalities. A stranger came to my house a month ago and was sure that his lost Ipad was at my house because Apple was telling him that it was. I tried to explain to him that the thief probably pulled out the SIM card in front of my house. I also explained that I don't use Ithings because of this feature that tracks our location everywhere. He showed me on another device that it still showed here and that he was going to involve police to search my house. He couldn't understand things and caused me a bit of a headache.
This doesn't stop exfiltration of, say, a dictation .txt being sent out after you turn the switch back on.
Based on their own findings, this would disable Find My all together, and enable theft.