I have one too. It is useless considering the range is less than the maximum possible distance in a mid sized house.

When she escapes I open Find My and I generally visually find the cat with my eyes before the phone even picks the signal up. It keeps the "Get closer..." and only actually shows the arrow when I'm like 5 meters from it.

I have iPad iPhone Mac Apple TV Airpods, more stuff and a bunch of Apple services. Honestly my most disappointing Apple purchase.

In case it matters, phone is 13 Pro.