Well, according to the standard science in a PBS report... yes. The reason is that the reversal, like everything else in nature, will take a very long time to happen. So long and slow that the animals will get used to it, and recalibrate their senses to deal with the changes.

No mention of the possibility of a sudden magnetic pole reversal. I still like to think that most species will survive, because some will still randomly find their way to wherever they are meant to be.