I like using a map and compass, and I like to think that it's in most people's best interests to learn how to use them effectively if they're going to be serious outdoor users, but really they're just one possible part of having an effective overall safety strategy where navigation is concerned.
A big thing is to be aware of the swiss cheese model. What happens if *anything* you're holding gets swept down the river and you never see it again? (Map, compass, phone, GPS, PLB, your entire pack.) Is there a backup? Do you have other methods? Have you constrained your trip to a location you know well enough to not require it? Are you with other people whom you can leech off? Is that so unlikely to happen, for some reason, that it'd be reasonable to trigger an emergency help request if it ever did, and you'd be considered by peers to have implemented best practice?
One factor with map and compass that I personally enjoy is that for it to be most effective, you end up being really involved, being aware of your surroundings and exactly where you are in them, often to the point that you mightn't feel completely lost if you suddenly lose one of the tools you're using. I'll often have a compass out when I'm on a wide, obvious track, just because I like watching it and practising predicting what I expect it to do according to the surroundings at different times. But that's me. That doesn't necessarily make them mandatory in all situations. Also it's one thing to know how to get a compass bearing, but it's a lot more to get familiar and comfortable with many of the tricks and habits you can use with maps and compasses to learn about what's around you. There are a lot of situations where persistent use of a compass might help, but understanding little more than how to derive a bearing off North probably won't. Arguably there's quite a high overhead in building all of the skills with a compass for it to be as useful as some other tool that can be quicker to learn.