From this, it looks like Android gives you better options than Apple to stop the tracking, or to limit it's intrusion, and keeps a shorter history. So, Apple will still track your location to the nearest cellular tower even with the opt out.
Why the heck would they need to keep location history for any longer than the last cellular tower? Maybe it is just because I don't understand their intended purpose for the data, but they should certainly safeguard the data and give the user better opportunity to defeat, delete it, suspend data collection, whatever.
Hopefully Apple (and others) will listen closely to the objections of the few who don't want to be tracked, and make it possible to turn it off at will.