DC Rainmaker confirms in its test that this watch is not equipped with a GPS chip. "Notably, the Pixel Watch 3 doesn't include dual-frequency/multiband GPS/GNSS. "
https://www.dcrainmaker.com/2024/08/google-pixel-watch-3-han...
It's not clear whether the watch has a single-band GPS or no GPS at all. The fact that they don't communicate one it is not encouraging.
That doesn't mean "no GPS"
Weird cherry pick from a larger quote that clearly implies it has GPS:
> Again, this is an area I’ll dive into during my in-depth review down the road, looking at both the heart rate accuracy in running, as well as various changes they’ve made around GPS/GNSS accuracy. Notably, the Pixel Watch 3 doesn’t include dual-frequency/multiband GPS/GNSS. However, as I’ve constantly said: I don’t care how a company arrives hardware-wise at an accurate GPS track, as long as they do so. We’ve seen companies with multiband implementations do worse than other companies without multiband. So as long as Google can deliver accurate GPS tracks, I’m happy.