I’ve not played with mine for a bit but I’d say yes there is some compression going on, very very light. I’ve struggled with my raw sound and my sound with a compressor. Goldilocks, one is not enough and one too much. The Capo was just right, about the same sort of compression I get from good A/D conversion (not saying it’s doing this) but just that really light something is going on.
If you’re using it for tone and not finding you need it then you can ditch it on the board. But I often think we just find different is better (for a while) so play with just the capo and in 6 months add the compressor back on and wonder how you ever lived without it, then 6 months later remove it and marvel at how open and wide your tone sounds and wonder why you ever had that compressor on your board in the first place, lather, rinse, repeat