My understanding is both yes and no. Any encrypted service continues to be encrypted but at a higher level. Your ISP can’t view the traffic in real time. The VPN also obscures your location somewhat by tunneling your IP to a server somewhere in the world. If you assume that the VPNs keep logs (even though most claim they don’t), you assume that the ISP scoops your encrypted data in mass, the carrier logs the location of the physical device, then yes, I guess they can retroactively pinpoint your identity and harvest your personal data once the encryption is broken. However, I’m not sure that a 3rd party app can do anything to track you in real time and most likely would ignore the traffic altogether. I’ve heard it said that ISPs typically ignore commercial VPN traffic - not sure its the same for a consumer VPN service. The only thing I’m not sure of is whether any geo-location tagging from the carrier (in this case, say a Verizon hotspot) can be transmitted through the VPN to the 3rd party app accurately.
My understanding is probably flawed somewhat so feel free to correct me.