No, Chipolo trackers use Bluetooth technology to connect to your phone and are not equipped with ultra-wideband (UWB) technology, which is needed to determine direction and distance.
Ultra-wideband technology is used for precision finding at close distances. Chipolos have a very loud ring, so you can simply ring the tracker and locate it by sound, which in practice turned out to be at least as effective as seeing distance and direction in the app.