Depends on the MDM and phone really but, No. Triangulating a cellphone on the network via cell towers is a tried and true feature of wireless infrastructure. Even your phones GPS capabilities are most likely "A-GPS" meaning Cellular Assisted; It'll use cell location data when GPS satilites are slow/unavailable.
GPS toggle isn't doing much of anything besides application permissions enforcement.
GPS toggle isn't doing much of anything besides application permissions enforcement.