Because no one has mentioned it yet, Stolen Device Protection requires Find My to be active (Which for someone who has disabled Find My and Location Services as a whole is quite annoying). However, you can disable Find My again after enabling Stolen Device Protection and after waiting for the 1-hour security delay and it will work fine. For some reason it’s only needed when turning the feature on. The only negative (or positive, depending on how you look at it) is that your iPhone won’t know when it’s at home or at work so you’ll always have those added protections.
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