You're correct, but I was thinking more along the lines locating your position vs navigating. If you have no idea where you are, taking a bearing would be of limited use. With a GPS you need a clear unobstructed view of the satellites to pinpoint your position, but a map and compass also needs clear view of your surroundings to do the same. Each one has their pluses and minuses. And you can get lost with either one.

If you've got the discipline to count landmarks or canyons, then you wouldn't even need a compass to tell you where you are. Of course, if you could do that, you wouldn't need a GPS signal either. hmm...