Apple Watch GPS question

Sorry for the possibly silly question, but I'm a complete newbie to the watch. Does the "GPS" version actually include a GPS system in it? I've been looking for a long time, but nowhere truly specifies what GPS functionality the watch has on its own. Will it actually connect to the GPS navigation satellites and show you your accurate position if you do not have your phone with you? Can the exercise features track your workout if you're out hiking without your phone.

Thanks for your help.