Once you confirm the changes, your iPhone will start showing up with the new given name, whenever you try to search for it on the AirDrop feature or even try to connect to it via Bluetooth.
The ability to rename your iPhone allows the users a level of customization and it can be used to a lot of creative results if you have the imagination. Earlier, the iPhone had to be plugged into the iTunes software in order to make these changes. However, thanks to the evolution of the iOS platform, you can make all these changes and more straight on your iPhone.
