With home studios at 24bits easy - why even compress?
Record raw, and 24bits will give you 144db of dynamic range.
Compress to color things during remix.
Then again, set it for what you practice it at live. No need to radically change your sound for a studio. A raw track will let the producers ear take the bias out.
For live, the other musicians don't do much dynamics. The drummer isn't going to do 144db of dynamics, nor the guitar, or keyboards.
Practice the compressor for your own use.
Try it raw without a compressor.
Turn it on and try again - it is just color.
Move the knobs to adjust the color.
Push the foot switch to turn the color on or off.
Compression can lower the dynamic range when going into other effects, chorus, voltage followers - autowaw, ... live or recorded (again on remix). You can get much more control. And a wild slap doesn't go "whish"
Then set it as a limiter - you get no louder no matter how violently you look playing.
It's another good tool for musicians. It's not always yes or no.