Let's assume the built-in arrows aren't quite what you want. Just go ahead and pick one to start.
Open up the north arrow's properties in the Element panel.
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If you click on the Symbol, you'll see it's really just a shape marker. If you change the shape to some other file, say an SVG of a really nice compass rose, it will show in your layout! And since it's still technically a "North Arrow" object, it will stay aligned to north if the map is rotated.
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Unfortunately, Pro does not have the ability to save custom North Arrows, so you'll always be a few clicks away from easily inserting your own, but it's possible.
- Josh Carlson
Kendall County GIS