Not true, a notification is shown whenever the device is located.
Though if someone can "sneak a 2nd Google Account" onto your phone they can probably install something more nefarious and less observable.
The recommendation that you could disable GPS is pointless because if they could sneak a 2nd account on it they can also re-enable GPS.
Cell phone companies have your location regardless of whether or not GPS is enabled. You don't even need a smart phone.
So, the fact that the providers are keeping tabs on you and storing all that metadata for some government agency (cause you might be dangerous!), just means that they have discovered a way to recoup some of the investment costs. Thank your government, because the phone companies likely wouldn't have been this creative by themselves.
As long as your Google account remains secured and no one manages to sneak a 2nd Google Account on your phone, that is. Find My Phone is a real time tracker that can be abused e.g. by spouses or stalkers. IIRC only triggering the "audible ring" leaves a trace on the phone (a notification + the obvious sound), to check if someone used FMP for tracking one has to dive deep into the Google Activity Logs.
Only way to protect yourself is, of course, to disable GPS on the phone - but what if you want to use Maps or another navigation at the same time?