Location Service Icon

I don’t believe having an “extra” icon displayed will impact battery life, after all, turning off doesn’t stop the actual processes that trigger it’s appearance!

But if you deselect one or more of the services that do trigger the icons appearance, that could well save energy.

Just my view though.

If you are interested these are the Services enabled on my iPad (iPhone X is similar).

Apps generally have their Services set to “While Using”, except for the Weather App which is the only one set to “Always”.

Doing the above plus keeping Mail in check on how many times it “Fetches” (set to manual) seems to give good overall battery life on both my devices.