No, Torque x RPM / 5252 = Horsepower

The compression raises cylinder pressure, which increases torque across the curve, which equates to more horsepower at a given rpm. Cam duration and timing events will also affect cylinder pressure and rpm range. Instead of dumping a bunch of compression in a motor to pick the bottom end up when the cam is too big, why not pick the cam for the intended rpm range, set the compression ratio accordingly, and still have the needed cylinder pressure? I contend that most cam choices are too large for the intended usage or capability of the heads and induction, and compression is used to crutch the lower rpms to keep it from being a slug.