barp - wrong.
If the timing is out there will still be compression across the head, not as much but there will still be some. The timing relates to how much fuel air mix will be allowed in, if the inlet valves open to soon (advanced timing) then they will be hit by the piston on its upward stroke (called pinking) which can result in the valves getting bent and f**king the head. It will also mean that the explosion will be chasing the piston back down the cylinder meaning that there will be hardly any power at all. If the valves open too late (retarded) they will miss the compression stroke and fill the cylinder too late, the resulting explosion will mean that the mixture is crashing into the piston head as it comes back up the cylinder and can cause the head to melt, and all the excess gas will still be in there from the previous explosion as the exhaust cam will not be open long enough to let it all escape.
Get the timing sorted out by a garage (20min job tops) and costs nothing.
The compression you need to get the head tested for any leaks, breaks in the seals of the gasket and at worst cracks in the head. It has no direct relation to the timing.