Completely anecdotal, but I went from 50B to 2B per point using the compression feature. Mind you this is for slow moving sensor data collected at regular 1 second intervals.
Prior to the compression feature, I had the same complaint. Timescale strongly advocated for using ZFS disk compression if compression was really required. Requiring ZFS disk compression wasn't feasible for me.
Are you saying the compression shrinks the data down to 2% on average?
If the compression only makes the data 10 times smaller (I think I'm being generous with that ratio), it's still 5 times larger than the others.