Absolutely.

But I did want to make the point that there aren't as many corners to cut as some might think.

And while lossless compression of course exists, better compression is usually also a processing trade-off. You can use more storage and less processing, or use more processing, and less storage.

Compression is not a magic tool that reduces file size for free, its doing math to store some given data using less bits, which then has to be done in reverse to get at the original data.