Yes, like how a 1kg 10cm^3 block of wood will have more buoyancy in water than a 1kg 5cm^3 block. Bouyancy “is equivalent to the weight of the fluid that would

Yes, like how a 1kg 10cm^3 block of wood will have more buoyancy in water than a 1kg 5cm^3 block. Bouyancy “is equivalent to the weight of the fluid that would otherwise occupy the submerged volume of the object, i.e. the displaced fluid.” So compressing your lifting gas reduces the amount of air being displaced by its presence, reducing the buoyancy.