While I've never tried it, I just happened to come across a training document using caution which states that our 737 LNAV will bring you to the active waypoint which could be behind you if you happened to be using a Loc Only in VORLOC.
Albeit we do not have auto LNAV so as part of our missed approach one would call for LNAV or HDG and hopefully would see where LNAV was going to bring you before engaging it.
