It is true. Using a good sextant and a good timepiece navigators have been travelling the seas with great accuracy for hundreds of years. There's nothing wrong with autonav and waypoints, until it gets cloudy or you submerge. Then you use dead reckoning, estimating your position by your speed and compass heading alone. When that happens you have no way of telling how fast the current is moving or in what direction, and the next time you can take a sighting you find out just how far of course you've gotten, which can be pretty far if you don't see the sun for a week.
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“Never do anything you can't take back.”
—Rocky Russo
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