The HPF definitely doesn’t make the Blend knob useless. As I said before, when the compressor engages it is still compressing the entire frequency range of the signal (not “letting lows through uncompressed” if that’s what you are imagining), the HPF just helps fine-tune when your compressor engages to best fit your bass/playing-style/etc. You may find it most useful to set the Compression knob (“threshold”) by paying particular attention to how much it is compressing low register notes on your E string (and B if you have it) compared to your other strings, then adjusting the HPF from there
With the HPF at the stock setting (essentially “off”), the compressor is likely clamping down on the low strings almost all the time once you set the Compression (yes this is what I referred to as “Threshold!) knob to get a mild amount of compression. Oftentimes those sub transients are so plentiful that even lighter playing may trigger them if you aren’t playing super cleanly. The compressor doesn’t “hear” the bass the way our ears do- the low frequencies tend to have the most energy, while our ears hear mostly midrange. If you are squashing those low transients all the time, you can lose all definition in your low notes and just kinda flatten them out (hence being almost “missing” in a mix)- this would be a good use for additional Clean Blend, in order to return some of the detail of those notes.
Compressors without the benefit of sidechain HPF are particularly dependent on clean blend much of the time in order to do their magic. Many/most(?) compressors are using built-in hard-wired sidechain filtering already to shape the response of the compression- its a big part of what makes different compressors (even among the same compression types) sound/function so differently. They just don’t often allow you to tweak this filtering at all the way the HL does. For me, even with the HL I pretty much always have my Clean Blend at 1 o’clock or below to retain definition.
If your tone seems undefined at any compression/HPF setting, the Blend control is useful to help bring balance/clarity back. 3 o’clock Blend setting is generally going to be almost no clean blend on the HL, as the compressed signal has some automatic make-up gain added that raises its level up quite a bit higher than the Clean signal. You can test this by dialing in a particularly squashed compression tone and rolling in Clean til you can actually start hearing definition return (likely below noon).
Still, if you feel you are letting too many bass spikes through with the the HPF at 200hz, then experiment with dropping it some. There is no magic number, it’s all taste and different instruments/rigs/players/tastes