Somewhat, but GPS receiver performance has improved greatly in the last 25 years.
Back in the day, you'd put a carefully oriented GPS antenna on the top of your car and still expect to lose signal when going between tall buildings.
These days a backseat car passenger with a metal car roof between them and the sky, paying no attention to the antenna's orientation, can almost always get a fix even in the densest of built up areas. And it's not just wifi or cell tower tracking - it's a proper satellite fix, with the precision to give turn-by-turn navigation instructions in good time.
A mountaineer's personal locator beacon might not get the full benefits (unlike a smartphone in an urban area, they probably won't get the fast fix A-GPS provides) but I'd still expect them to get the high sensitivity and multipath rejection modern receivers provide.