If your phone is not secured with a passcode, Touch ID, or Face ID, then anyone who finds your phone could easily rifle through your data, and/or turn Find My off.
You must have Find My enabled on an iPhone before that iPhone is lost. Afterwards is too late. If you lost a phone that was unlocked and that had Find My turned on, presumably the location-finding part of Find My would work in the same way as usual (with the same limitations) – until some dishonest person found the phone and turned that feature off.
So you'd be hoping that the phone
- Was merely lost, not stolen
- Was turned on, and had battery power left, and had a Wi-Fi or cellular Internet connection, or
- Was found by another very near by Apple device, AirTag-style