Ahh I misunderstood - I thought they were now properly turning the radios off like they do in iOS 10.
Thanks for the confirmation.
It definitely leaves them on. As far as I can tell it will then not reconnect to the same wifi network until you tell it (it may also do so, after you leave range and re-enter again. Can’t test that until morning). For BT it just disconnects any active BT connection. This leaves both radios available for assisted GPS, continuity, watch connections etc.
With that said, I wouldn’t be surprised at all if Apple backtrack on this later in the beta cycle and just make them on/off buttons.