Hi Nicholas_B2,
When Find My is enabled, it allows you to see the location of your iPhone so you can locate it if it's ever lost or stolen. Even if the device is powered off, or runs out of battery power, you're able to see the last available location. In order for this to be possible, it would be necessary for Find My to know the location of your iPhone on an ongoing basis.
Find My is designed to be able to do this, without significant impact to your iPhone's battery. If your iPhone isn't lasting as long as you expect on a charge, the steps on the following page may help: Maximizing Battery Life and Lifespan
That being said, privacy is definitely essential too. Additional information about how location is used, while simultaneously keeping that info private, is available here: Location Services & Privacy
Apple is always interested in hearing input and suggestions of what you'd like to see in future versions. If you have thoughts on how you'd like this to function differently, we suggest sharing them here: Apple - Product Feedback
Take care!