Hi AudieMonroe,
Thanks for reaching out! The Find My functionality of the Apple MagSafe Wallet does not work how an AirTag works. The MagSafe Wallet actually does not have a battery. Hence, it does not have true tracking functionality. It will show an icon on the map of where the MagSafe Wallet was disconnected from the iPhone, and will update if another person attaches it to their iPhone 12 or newer. It uses an NFC chip inside the wallet to communicate with the connected device.
You can refer to this Apple Support article for more details about the Apple MagSafe Wallet: About the iPhone Leather Wallet with MagSafe - Apple Support (CA)