In using UW compass navigation, what is usually taught is to count the number of kicks you take in a given direction. By doing this, you can return on a 'reciprocal' course ,or navigate a square or rectangular course using a compass, as long there isn't too much current, or you are able to adjust to compensate for it.
As others have stated, you also use natural landmarks (seamarks?) and features.
I am a private pilot, so I learned to navigate by compass that way. A compass is one of the most reliable instruments you can have, but it is affected by metallic objects and variations in the Earth's magnetic field.
Once you learn how to adjust your 'crab angle' for current, you can do some pretty serious navigation with a compass. Especially if you have a reasonable accurate map of the area you are in.
Much more reliable than "turn left at the big grouper"
Recently in Thailand, the group my buddy and I were supposed to be with took off before we were even in the water. We were dropped off at one pinnacle and were to be picked up at another one some distance away. The vis was not so good, and my buddy was stressed when we couldn't find our group at the first pinnacle. Fortunately I had looked over the map of the site before the dive, and was wearing my compass. I was able to successfully navigate between the 2 pinnacles to where we were to be picked up. There was some current, so I had to add a few degrees of correction to the direction I wanted to go, but we swam straight to the 2nd pinnacle without having to search for it. Impressed the hell out of my buddy!
I was really glad I had checked out the map!
Buy a good compass, get some instruction on UW navigation, and practice with it. It is a very usefull skill....essential in some places!