According to Apple itself, using iOS 11’s much improved Control Center to toggle off Wi-Fi and Bluetooth does not fully disable them.
In a support document published today on its website, Apple explains that toggling off Wi-Fi and Bluetooth by tapping their corresponding icons in the new Control Center still leaves the radios on for features like AirDrop, AirPlay, Handoff, Instant Hotspot, Apple Pencil, Apple Watch and Location Services.
In iOS 11 and later, toggling the Wi-Fi or Bluetooth switches in Control Center off will immediately disconnect the device from Wi-Fi and Bluetooth accessories, but both radios will continue to be available for:
  • AirDrop
  • AirPlay
  • Apple Pencil
  • Apple Watch
  • Continuity features, like Handoff and Instant Hotspot
  • Instant Hotspot
  • Location Services
When Wi-Fi is disabled, as denoted by the dimmed Wi-Fi icon in Control Center, the Auto-Join feature for any nearby Wi-Fi networks also gets disabled until:
  • You turn on Wi-Fi in Control Center
  • You manually connect to a Wi-Fi network in Settings → Wi-Fi
  • You walk or drive to a new location
  • It’s 5am local time
  • You restart your device
Similarly, when you toggle the Bluetooth icon in Control Center, you will no longer be able to connect the device to any Bluetooth accessories until:
  • You turn on Bluetooth in Control Center
  • You connect to a Bluetooth accessory in Settings → Bluetooth
  • It’s 5am local time
  • You restart your device
So there you have it.
To completely disable Wi-Fi and Bluetooth for all networks and devices, slide the toggles in Settings → Wi-Fi and Settings → Bluetooth to the OFF position.
Thoughts?