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Delay compensation can also be plug in compensation, i.e. the time it takes for the VST or AU yto di it's thing.
Because parallel compression is summing two copied of the same signal, you can get phasing but as already mentioned, it's nearly always on as default. there's really not much point having it switched off unless you're getting weird conflict or using external kit where you're manually setting the delay and then the other plugins sound out/get phasing becuase they no longer syncopate with the OTB signals.
Check your audio prefs (usually under general in most daws) to see if it's on, otherwise don't worry about it.
As for using it, yes; it gives you way more control as you can affect the wet dry balance however you want. Yes, a few daws/plugins made the bus method somewhat obsolete (like logic's built in compressor) but still it's good practice and only takes a second to setup.
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