It can but I wouldn't, even on an HDD
Define Speed-wise.
It takes time to uncompress something and the CPU gets to do the work. Office type stuff will probably not be very noticeable unless you have large spreadsheets or databases. Gaming, I would not. Image/Video editing - load times slow downs will be noticeable & I hope you have a separate cache/scratch SSD.
And then there is the recovery issue. Recovering data from an SSD is hard enough, add compression and you will only be recovering by pulling that data from your backups. We always recommend backing up important data anyways but many people don't backup... and then there drive crashes.