There's no need to switch on “Precise location” any more: the child's phone notices by itself that the child started walking or riding and sends the location every 10–20 seconds, and once the child has arrived and stood still for 4 minutes — less often again. The child's phone needs the “Steps and motion” step for this.
If a “Precise location” switch is still on from earlier versions, it is shown on the map until it goes off: by itself when the child gets home (a “Home” place is needed), after 12 hours, or by you.
Accuracy is whatever the place allows: outdoors by GPS usually 5–20 metres, indoors by Wi-Fi about 100 metres. Frequent points use the child's battery.