Register your bike, with the police and a registry like 529 Garage.

The fact is, police recover hundreds of thousands of stolen bikes, but can't return them to the rightful owner because it hasn't been registered.

FWIW, I use two locks, and a hidden motion alarm when I park my bike. I only have a tracker on the keys for the locks/alarm, but will likely put a Tile somewhere on the bike this year.

Also, keep in mind that thieves are scumbags and will steal anything off your bike: lights, saddle, pedals, accessory mounts, etc.

Do your best. Unfortunately, a motivated thieving scumbag will still try, and if they can't steal your bike, they'll try to damage it.

Honestly, I don't want to track my bike down. A thief who is sophisticated enough to get past my lock is probably sophisticated enough to look for a tracking device, so if I find it, it's probably already parted out or tossed in a ditch somewhere. I'm not going to personally track my bike down (seems dangerous), and the police are unlikely to make it a priority. And if I felt the tracking device would help, I'd probably let my guard down because I have a backup plan.

Instead, I make my bike unappealing to steal. I use a high quality lock, avoid parking where thieves are likely looking, and cover up anything that could indicate any sort of value.