That's a nice view on lossy compression! I guess you could say so to some degree. as both methods try to reduce the amount of "random" data. (I have read a paper before on dimensional reduction in image processing if you are interested, http://www.ijritcc.org/download/browse/Volume_5_Issues/August_17_Volume_5_Issue_8/1502352051_10-08-2017.pdf)
RE: Audio compression (simplified)