You’re perfectly right. And so is joecool.
And I am shamefully wrong for the S. hemisphere reading.
One still has to use the opposite end of the “compass hand” (say, the blue one), but it will indicate the north, while the “0” writing (12 o’clock of a standard dial) is to be pointed at the sun. Good it seems we agreed to make it a zero, less confusing for that use.
This implies that, to get complete bearing readings, you have to rotate the bezel N (C cyrillic) to align with that blue tip of the “compass”.
Back to the drawing tablet, for a caseback design explicit enough for both hemispheres...