Magnetometer is designed with a simple user interface just for fun and experimental use. It has no scientific utility. Please turn to other great apps on the App Store for deeper, more insightful features, and to professional devices for any practical use.
Every recent mobile phone is equipped with a magnetometer which is meant for use with the compass.
Magnetic metals / magnets interfere with the compass. This is why you can bring a strong magnet or an AirPods case on top of an iPhone with the Compass app opened and see -- instead of a heading. That's because the electromagnetic field (EMF) is interfering with the heading (think of it as an arrow) and it's spinning it in all directions at random.
Magnetometer uses the EMF interference data to estimate how close metal / magnets are.
No, Magnetometer doesn't collect or access any sensitive data, including your location. I would need to ask for permission first to see your location, anyway.
Almost every iPhone model has a magnetometer. However, the Magnetometer app is only compatible with iOS 15.0 and later for version 1.0, and iOS 16.0 for later versions of the app. It's made backwards compatible to support the most devices, which currently includes iPhones up to almost 10 years since release.
It depends, but generally no. First, you need a VERY strong magnet, not a small coin-sized magnet.
However, the following might be temporarily affected when put up against a magnet:
Speaker
Camera Image Stabilisation
Not really. Wi-Fi and Cellular run on radio frequency. Magnets don't emit RF. There technically is interference, but it's too minimal to be observed.
As an example, let's see how a magnet interferes with light. Can you tell anything's going on? Now apply that to interference with radio.