Annoyingly, I've found that it doesn't even disconnect from all currently-connected devices. For example, my AirPods are often hijacked by my iPad when I'm setting it up for my kids to watch something. To pre-empt this, I will turn off BT via Control Center, but even having done that, the AirPods often switch over. Super annoying.

Fast access to frequently used controls from across the system in one “pane of glass”.

Once you understand that the control center changes are temporary, it’s not proven to be an issue. It’s meant I have not accidentally left Wi-Fi disabled for weeks at a time as I forget I made the change once due to a bad router.