The 4 places for minutes is not that precise, but more than enough for absolute GPS positioning.
But there is an alternative, and it is like the IPv6 of GPS. More precision that you could ever want - ECEF format is X/Y/Z in metres from centre of the Earth to the micrometer!!!
Amazing. So whilst not adding absolute accuracy, it does add some impressive relative precision.
Walking in the road to spell my name, LOL.