From [Apple Support](https://support.apple.com/en-au/guide/iphone/iph1ac0b663/ios):
“Important: The accuracy of the compass can be affected by magnetic or environmental interference; even the magnets in the iPhone EarPods can cause a deviation.”
So it is a true magnetic compass, but is clearly calibrated to ignore the known magnetic fields around it (if any) but can be affected by anything external that you introduce.
EDIT: Yes, seems plausible.
But the direction of magnetic north is probably moot in such a situation.
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