Magnetic interference during a flight such as descending toward a steel roof might cause toilet bowling when the drone gets close to the steel roof.My understanding is that magnetic interference will only cause the drone to fly in a circular path when it attempts to hold position ( "toilet bowling" ). It will not cause flyaway or the drone dropping out of the sky.
It won't cause the drone to fall from the sky and climbing away from the magnetic field will make the problem go away.
But magnetic interference during the startup period can have much more serious affects.
If the strength of the magnetic field is strong enough, the flight controller identifies it as a problem and warns the pilot - Magnetic Field Interference - Move the aircraft or calibrate compass.
When that happens, the correct action is not to calibrate the compass as that won't fix the problem.
The correct action is always to shut down the drone, move away from the steel causing the problem and start again.
The real problem comes when the magnetic field is not strong enough to be identified as a problem, so there is no warning.
The IMU initialises and gets a false sense of where north is and when the drone is turned it senses that it's going the wrong way and tries to correct.
But the correcting is in the wrong direction and more correction is applied ... this goes on and on very quickly.
The drone picks up speed, often flying faster than normal in a curved course and will disappear or crash if there are obstacles in its path.
It happens too fast to do anything about and the drone is unable to respond properly to any stick input.
In only a few cases, the difference in yaw angles is small and the effect is not large enough for the problem to be as serious.
But usually the flight ends badly.
Launching from reinforced concrete surfaces is the most common cause of these issues but it has been seen with launching from a wooden deck or a table with a steel frame, bolts or nails positioned close below the compass.