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Smart Connect can unfortunately not enable/disable the GPS in the phone. I can pass this on as feedback but currently you need to enable/disable it manually or leave it enabled. As long as you don't have an app running that's trying to use the GPS it will not consume much power.
GPS turns on and off automatically when an application using localisation API start and stops.
The "toogle GPS" swicth in settings doesn't really acivate GPS but only makes it "activable" when needed.
As long as no application currently use it, having the switch set to off makes absolutely no difference as long as battery usage is concerned.