What does Airplane Mode do on a iPad without cellular functionality?

What does Airplane Mode do on an iPad without cellular functionality? It doesn't seem to disable either BlueTooth or WiFi - when I press the Airplane Mode button on my iPad, both of those channels remain on and functional. Morever, I can't see any option to allow Airplane Mode to disable these channels. So what does it turn off? (Despite the similar titles, this is not a duplicate of https://apple.stackexchange.com/questions/123578/whats-the-point-of-airplane-mode-on-a-wifi-only-ipad , because of changes in how the iPad function since that question was asked. That question is asking "What *unique* functionality does Airplane Mode deliver that you can't do manually?", and apparently applied to an earlier version of the iPad for which Airplane Mode did disable BlueTooth and WiFi. I'm asking literally what does the toggle actually do in modern versions.) iPad v 15.4.1