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No it wouldn't.

A compass should show you which direction your facing, which GPS doesn't know, it's location only.

The best GPS can manage would be direction of travel.
 
A digital compass requires a Hall Effect chip and the :apple:Watch doesn't have one. As KrisLord stated GPS just locates your point. If moving point to point GPS can calculate your direction of travel but once you stop it is blind to the direction you are facing.
 
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