Yes - the Scout will provide unwanted tracking alerts under the same conditions as would occur with an Apple AirTag.
It is worth noting however, that during our testing of this feature, often it would take several days for a notification to pop up, if at all. In order for such a notification to be sent, the user must remain in close proximity to the Scout for an extended period of time - it is generally quite unlikely that a would be thief would keep a stolen bike constantly within arms reach all day and night!