Yep, since Ios 15 (although it only works on Iphone 11, 12 and 13 models.)
https://www.cnet.com/tech/mobile/how-to-find-your-iphone-even-if-its-turned-off-the-fastest-way-to-do-it/
I particularly like the bit about "Whatever you do, don't confront a thief." Bollox, exactly what else do they expect people to do with a feature like this... Most people are going to gather the boys and go and have some fun!!!!! Obviously, as a mature, law abiding citizen, I'd take a police officer, but most won't. 🙈😂