I'd say minification/summarization is more like a lossy, semantic compression. This is only relevant to LLM's and doesn't really fit more classical notions of compression. Minification would definitely be a clearer term, even if compression _technically_ makes sense.
Minification is still a form of compression, it just leaves the file more readable than more powerful compression methods (such as ZIP archives).
I'd say minification/summarization is more like a lossy, semantic compression. This is only relevant to LLM's and doesn't really fit more classical notions of compression. Minification would definitely be a clearer term, even if compression _technically_ makes sense.