Ring has rolled out support for geofencing within their camera line to help prevent unneeded alerts caused by yourself walking up to your home. Alerts that are excessive since you clearly already know who’s at the door. The new geofence option will help soothe some of those alerts you get every day by taking you out of the picture. At least, when you are approaching.
This was actually a long time coming as geofence support has been discussed for quite some time now. It is nice to see it finally rolling out to everyone.
As mentioned, it will only help when you are approaching because it’s next to impossible (currently) for it to accurately guess when you are leaving. Basically, geofencing is best used “when leaving” within applications when you want to arm something once you have gotten a certain distance away from the home.
However, if it detects you entering the motion zone, after coming back from being away from home, it is able to mute alerts so you can have a quiet relaxing arrival without those unnecessary distractions.

As for how accurate everything is, time will tell as the masses make use of the new feature. There might be some small bugs to stomp out in the coming weeks, but overall, it should be a great feature to have enabled (unless you want to be notified when certain family members get home for whatever reasons).
In able to make use of the new options, make sure the app on your mobile device(s) is/are updated to the latest version. The camera(s) may or may not require a firmware update, but that is handled automatically so you don’t have to concern yourself with that.