Of course. What about the Haar transform? Or digital filters? It's very much all about the same thing. You compare the original signal with some reference sign

Of course. What about the Haar transform? Or digital filters? It's very much all about the same thing. You compare the original signal with some reference signals, look at how much it correlates. Then you save those correlations only. With the correlations and the reference signals, you can roughly reproduce the original signal. (Extremely paraphrased.)