Sure, it does tell you in the caches "Overview" tab the exact direction relative to the current gps position in degrees (the screenshot on my web page is a little outdated and doesn't show the exact degrees).

I've just also spent some work on the gps routines and things may have improved (i say "may" because the built-in gps worked quite well for me even when just walking slowly).

This tool is currently mainly for maintaining a gpx database and the current extensions i am working on are mainly related to this. The next release will e.g. read opencaching.de gpx files and be able to download and store the related images from the cache descriptions. Loc files will likely be also in the next release, even though this will start to make the name "gpxview" a little misleading.