Does geofencing work with Smart Lock with Wi-Fi

At my previous home I had SmartThings and I was using Schlage Connect locks. I was not a fan of the new SmartThings app so I decided to try the new smart locks with Wi-Fi. Without proper research I assumed the geofencing would work and I will be able to lock the doors when both phones were no longer detected. After setting these up yesterday it appears that this is not the case and that geofencing does not work with the locks?

No homebase integration or automations are available at this time. I bought the lock and assumed the same thing (but to change security modes on a successful unlock). I really hope they give us these features soon.