@Thomas Brown good timing on this question — wildlife collar deployment is actually a really interesting use case and battery life is exactly where this stuff matters.
To answer the core question: the module doesn't do automatic TX power adaptation based on distance or RSSI out of the box. The STM32WB07 at the heart of it does support LE Power Control (it's part of the BLE 5.4 spec), but whether that's exposed and configured in the current firmware stack is something you'd want to verify directly — I'd honestly open a thread or ping support through the Club because that's a firmware-level detail that may vary depending on which firmware build you're running.
What I can tell you is that you absolutely can set TX power manually in firmware, and that's probably your most reliable path for this deployment anyway. For a setup where distances are predictable-ish by terrain zone, you could implement a simple RSSI-threshold logic yourself — read RSSI periodically, step TX power down when signal is strong, step it back up when it degrades. It's not as elegant as automatic power control but it gives you full control over the tradeoff and it's not a lot of code. The AI Firmware Builder in the Club is actually worth throwing this problem at — describe the RSSI-based power stepping logic and it'll generate a solid starting point you can tune.
On current draw numbers at different TX levels, I haven't seen a formal breakdown published for the MultiNav specifically and I don't want to give you ballpark figures I'm not confident in. That's a question worth raising in the Dev Hub resources section or directly with Moamen — actual measured current profiles at -20dBm vs 0dBm vs max output would be genuinely useful for anyone doing battery-constrained deployments and I suspect you're not the only one who needs them. If you end up doing your own current profiling once you have the hardware, sharing those numbers here would be gold for the community.