I want to merge segments of consecutive lines that have the same line bearing to a single line.
Are there tools in ArcMap do that?
If you have an attribute in your table that identifies the commonality, then you can try a Dissolve based on that attribute
I am unclear whether my idea of a segment lines up with yours. It may be worth looking at An overview of the Generalization toolset—ArcGIS Pro | ArcGIS Desktop, specifically Simplify Line—ArcGIS Pro | ArcGIS Desktop .