Here’s my take on this.
You’re right, the location history is stored directly in the iPhone’s Settings, and it doesn’t necessarily require iCloud to be viewed on the device itself. The feature is called “Significant Locations.”
To find it, go to Settings > Privacy & Security > Location Services. Scroll to the very bottom and tap System Services, then find Significant Locations. You’ll need the device’s passcode or Face ID to open it.
The data can be quite detailed, showing cities and even specific addresses on a map, sometimes with the number of visits and dates. However, it’s not a constant GPS log. It’s more of a summary of places the iPhone algorithm thinks are important. The primary limitation is that a user can easily clear this history or turn the feature off completely.