Can a machine learning model be used as some kind of compression?
You're right I'm not sure if I followed exactly what you said, however for your overall question of can a Machine Learning model be used as a form of compression - yes!
A good example is an Autoencoder, which is a neural network that 'breaks down' the input into basic elements and then reconstructs the input using only the elements required.  This is formally know as Dimensionality Reduction.
Some of the practical applications are removing noise for example from images, which if you think about is removing data you don't need but preserving the overall look.  Much like traditional image compression, it won't look exactly the same.