For sure, but radio transmitter time is almost always much more expensive than CPU time! It’s 4mA-20mA vs 180mA on an esp32; having the radio on is a 160mA load! As long as every seven milliseconds compressing saves a millisecond of transmission, your compression algorithm comes out ahead.
Sounds like you are pretty familiar with satellite transmission at the hardware level. If so, I would love to chat to get your brains on it. I don't know much of the hardware constraints myself.