I would suggest using the compass only as an emergency backup device and use a combo GPS/FF as your primary navigational aid. Most GPS units will have a "comass console" page allowing you to see a virtual electronic compass with the added advantage of waypoint navigation, distance, ETA, overview maps, etc. Not sure what a compass would provide beyond that. If you find yourself out in a fog with a dead battery and need to find shore, a cheap boyscout compass would probably point you in the right direction and avoid cutting any holes in your PA.
Right now I only have my phone with Navionics installed; eventually I will get a chartplotter fish finder combo. I am older and while I like the modern equipment, I feel safest knowing I have the reliability of a compass and chart. I also like redundancy and have my waterproof ditch box which has a little built in compass on the front and a signal mirror on the back.