It can do a lot of neat things, not the least of which is to give you a lat/lon of your position.

But the whole point of small boat piloting is not just deciding where you are, it is to initiate a series of actions that will allow you to think of your surroundings the way a seaman does, with an understanding of it's hazards and possibilities.

Get your position, either from GPS, or by triangulation from bearings, or perhaps by just knowing where you are on the chart. Plot that point on the chart and draw a line from it to your intended destination. From the angle of that line to the grid, you get the compass course to be steered. From its measured length you get the distance to be traveled. By estimating your speed you can write down your estimated position for every hour of the voyage, the time-line of your trip.

That line and the location estimates is your dead reckoning, or DR track.
It is your planned voyage. Along that line you will see on the chart the hazards and aids to navigation you expect to see, and an estimate of when, as well as how far and in which direction from you they will beas you pass them. This gives you the means of anticipating these landmarks and updating your progress, and will clue you in on things like currents which you have no way of determining. Periodically, you take a new position, either by GPS or by those landmarks, constantly letting your subconscious absorb the seascape and your relation to it. It's like driving through a familiar neighborhood. The GPS alone is just a dismembodied voice feeding you numbers. It can get you home in a fog, but if you have been keeping up with your DR you will enjoy the trip, always oriented, not just a helpless dot adrift in the void.

Yes, you can get sophisticated GUIs on your GPS to perform all these functions, but you will spend your time memorizing keystrokes and referring to your manual without any understanding of where you are or how you got there. And you will also have an advantage no amount of money or technology can buy, if your GPS fails, or falls overboard, or even if for whatever reason you have lost confidence in its operation, you will have no fear, because deep down inside you know you will have planned your voyage so you don't really need it, and because you will have the skills to get along fine without it. A sailor who loses that confidenced is as doomed as the sailor who loses respect for the sea.