Umm, not really. If you come to a sheer 1000' chasm that you must cross, the only thing that will happen will be to tell you to cross it or go way around. You don't automatically bypass anything.
That's not what the spell says. The spell says:
"The spell enables the subject to sense
the correct direction that will eventually lead it to its destination, indicating at appropriate times
the exact path to follow or physical actions to take.
For example, the spell enables the subject to sense trip wires or the proper word to bypass a glyph of warding. The spell ends when the destination is reached or the duration expires, whichever comes first. Find the path can be used to remove the subject and its companions from the effect of a maze spell in a single round."
If you come to a sheer 1000' chasm that you must cross while 'Find the Path' is in effect, you'll immediately know the quickest path to take around the chasm. If there is no way across the chasm, then 'Find the Path' would have never led you there in the first place because doing so would have violated the 'eventually lead to its destination' clause. Instead, you would have first been led to a flying carpet.
If you come to a locked door while 'Find the Path' is in effect, you'll immediately know the path to the key. In fact, it's worse than that. You'll know to go get the key before you ever even come to the door, and upon finding the door not only will you have the key, but the pass phrase that opens the door will immediately come to mind and you'll know the exact motions to make to avoid the lethal deathtrap just beyond the door.
There are very few things that thwart 'Find the Path'. About the only thing that does thwart it is, for example, if the shortest path to the destination runs right through the lair of a great wyrm. Otherwise, repeat applications of 'Find the Path' solve any dungeon type scenario completely. One casting gets you to the center of the 'Tomb of Horrors', there to have your soul sucked away true, but it bypasses every other obstacle in the tomb.