Airplane mode doesn't turn off wifi or Bluetooth, though obviously you can do that in addition to airplane mode.
Settings for WiFi, turn off; settings for Bluetooth, turn off; does turn them off.
This change was the result of years of supporting people meaning to turn it off in one place or one day, then confused it didn't work at home or the next day.
So now airplane mode is a conditional off (the state machine across cellular, wifi, and bluetooth is pretty decent at doing a reasonable set of toggles), while the settings are off off.
The near field stuff seems to remain available; full shutdown turns that off too.
A lot of planes have WiFi, and people are also using Bluetooth headphones. So when talking about being a passenger on an airplane, this seems like a rather practical choice.