I wonder if stolen iphones have any value except for hardware parts.
2) If the thief knows or can guess your passcode, you are screwed, because they can take over your iCloud: https://www.macrumors.com/2023/04/19/apple-responds-to-iphon...
Fortunately, the one that my friend encountered didn't do any of that.
But even turned off, “Find my” stays active these days (although you can no longer make it ring, I believe).
And even if it does, turning on Airplane mode is not possible anymore for a locked phone.