The Apple Watch Series SE was released at the same time as the Apple Watch Series 6, but the specification is almost identical to the Apple Watch Series 5. The Apple Watch SE essentially lacks the always-on display and ECG functionality of the Apple Watch Series 5.
Just like the Apple Watch Series 5 (and Series 6) the Apple Watch SE supports GPS, GLONASS, Galileo, and QZSS. The Apple product comparison incorrectly shows the SE only supporting GPS + GLONASS, but the specifications also include Galileo and QZSS.
There are two different versions of the S5 SiP for the Apple Watch SE, corresponding to the cellular and non-cellular models.
The two different SiP designs in the Apple Watch SE are similar to the octagonal S4 and S5 designs of the Apple Watch Series 4 and Series 5.
It has been confirmed the Apple Watch SE uses the Broadcom BCM47754.
Thanks to the teardown of the non-cellular Apple Watch SE 40 mm by eWisetech, we can see the rectangular Broadcom BCM47754.
Immediately above the BCM47754 is the Skyworks GPS LNA / filter, but both components have been relocated on SiP of the cellular SE.

The image above describes the Apple W3 wireless chip (3) as supporting GPS, but this appears to be a recurrent error. The same description is also present in eWisetech teardowns for the Series 4, Series 6, and Ultra. There is no evidence that the Apple W3 Wireless chip supports GPS.
Zooming in and adjusting the brightness + contrast allows the GNSS chip to be confirmed as the Broadcom BCM47754.

It should also be noted there is very little on the front of the SiP, aside from connectors and the Bosch accelerometer / gyroscope.

The CSS Insight blog shows the back of the cellular SiP, which is quite different from the circuit board of the non-cellular SiP.
Several large components from Intel + Qorvo + Avago have been incorporated, displacing the GNSS components.

The iFixit article demonstrating motherboard removal shows the front of the cellular SiP:
The various components on the front of the SiP look near-identical to the cellular version of the Apple Watch Series 5.

Thanks to the decapsulation of the Apple S5 (non-cellular) by eWisetech, we know that the non-cellular Apple Watch SE definitely contains the Broadcom BCM47754. The iFixit article demonstrating motherboard removal shows the BCM47754 next to the Bosch accelerometer / gyroscope.
Whilst the Apple Watch SE uses an S5 SiP it is slightly a different design to the Apple Watch Series 5. Despite the differences it is still possible to install an Apple Watch Series 5 motherboard in the Apple Watch SE as demonstrated on YouTube.