This only works when using Mobile Data. You will most likely have the same WAN address if using WiFi. Dynamic WAN addresses do change periodically, however at the whim of your ISP. Now unless you pay for a static IP address, this local WAN address is also useless. Hell even a static IP address doesn't open you up to much harm.
As far as geolocation goes: IP's are given in blocks, no one will be able to get your precise location, only what ever your ISP is broadcasting.
My location will sometimes show Seattle, other times MPLS, all depends on whichever route it takes.