If your PDF is mostly photos or scans, the compression happening 'inside' the PDF is really image compression. That means you have two workflow choices: compress the finished PDF, or compress each source image first and rebuild the PDF from them.
Compress PDF is the fast path — one drop, one download, done. It picks a reasonable quality target for you.
Image Compressor gives you per-image control. Use it when a few pages need to look crisp (title page, diagrams) and the rest can be aggressively shrunk.