I'm not sure how accurate the magnetometers are, and how accurate the calculated compass heading can be, but I recall a project where I used a pair 6DOF accelerometer/magnetometer breakout boards to measure the angle change between the body and the grind setting adjustment ring to datalog my coffee grinder, and I was getting 10bit resolution degrees which all _seemed_ to accurately track the small sub 1 degree adjustments when dialing in the grind. Although I'll admit to not taking the time to understand all the math involved to get from the raw 3 axis acceleration and microTesla magnetic measurements to compass heading, I just copy/pasted sample Arduino code which gave me 1 decimal place degrees. But my grinder has 100 "notches" around the 360 degrees of the grind adjustment ring, and my data logger at least looked like it was accurately/repeatably showing changes down in the quarter to half a notch range.
So while I don't think $50 worth of stuff from Adafruit will get you <0.01deg/hour gyro drift rate, with magnetic calibrations and sensor fusion you could probably hit at least 0.1deg long term precision/accuracy, so over 10 or more hours you'd have "navigation grade" accuracy. Which is probably "good enough" for anything traveling at less that a couple of hundred MPH. 0.1deg error is about 1km every 600km - so if you were sailing from Sydney to San Francisco (with no GPS or astro nav equipment) which is ~12,000km, you'd be within 20km or so when you got there. Which seems "close enough" for anything except delivering nukes.