I think there is room in AP to adjust the warnings/settings.
For example, I use an always-on, block-all-traffic-if-not-working VPN at all times on my phone, so the warning that my real IP address is visible, while technically correct (in that the VPN provider knows it), in practical terms is overstating the risk. Switching to use anonymous IP sends traffic out via Tor, which might not play nice with a VPN, but I’ve not tested this systematically.
For Location, I always turn it OFF unless I actually need it during actual navigation, and deny access to all apps that I can deny it to, except Maps (and then only while using it). As a failsafe (in case of nosy browser queries) I set it to a fake location somewhere else in my city, which is also the city I choose for the VPN’s public-facing IP address. The reason is that Location can be determined from GPS or other network-based means, independent of IP-address based geolocation. I like to ensure these match up. I set Weather manually, including when travelling, so as to not require device-based geolocation, which is a potential leak.
Where I think AP really shines is in the tracker detection & blocking. By default, I deny all trackers. Since I only load apps that have no trackers found by Exodus Privacy, this provides a first line of defence. But even these apps can do call-outs using code not known to EP. For example, F-Droid has no known trackers according to EP, but AP shows three (have a look). Even DuckDuckGo, which shows none for EP, shows 33 according to AP (at least some of which will probably be due to the call-outs from web sites that are trying to be creepy). Lesson: use multiple levels of privacy, and be aware that there may be aspects of tracking that may elude the efforts of Exodus.