Does any iPhone User find that being signed into iCloud on your device affects battery life? I?

I've had to turn off both location services and sign out of iCloud due to fear of either of those 2 features running down my brand new iPhone 7. It's such a shame because location services are used for many apps I use everyday.

Do you think either feature really does affect battery life significantly? Do you still leave your location on regardless?

Uh yes… It has been widely known for a very long time that having location services enabled can decrease your battery life. You do realize that you can simply use location services when needed and disable it when you're not using it?

If you look in the settings you can enable location for each individual app.

Set it off for things that simply do not need it.
Some better apps have an option for location "only while in use".

Just try and avoid any that are permanently on, unless it's something really useful.
Look at the compass arrow icon at the top of the phone screen; that should only "fill in" for a few seconds occasionally if nothing is holding the location system permanently active.
It should just update every so often if the app settings are OK - except when using eg. Such as a navigation program that needs continuous GPS access.

On mine I get an alert if I forget to properly close an app that uses location.

I have location, bluetooth, Wi-Fi etc. All permanently enabled on my iphone 6 (now over three years old) and the battery life is still not too bad; it's a matter of working through all the detail settings and optimising everything for how you use it.

I have all individual icloud services turned off as well; it's only enabled so imessage works.

Just make sure you set restrictions so no one can disable "find my iphone" if you lose the phone.

[The biggest battery problem with new iphone users is simply not closing apps - everything stays open in the background unless explicitly closed / "killed".
Just in case you are not aware of this: Every time you are finished with an app and hit the home button, the app is only hidden but still in memory - more like minimising an application in a desktop operating system…

Double-click the home button instead and flick everything off the top of the screen - that totally closes them and stops them using CPU power, location or anything else while in the background, as they can if not killed.]