If the compiler finds problems that you'd otherwise need a test suite to catch, then as long as the compiler is faster than that test suite you still come out ahead.
If the compiler is slow, I feel unproductive. I need to try out things quickly, I need to iterate. The bugs don't matter at this stage.
You may not need a full compile for that though. Some combination of incremental compilation, non-optimising compiles, or a presentation compiler / typechecker only can be enough to iterate with.
I use emacs flycheck and the compiler is invoked in the way that doesn't generate object code. It just stops after type checking.
While true, this isn't a free get out of jail card whenever someone brings up slow compilation. OCaml's compiler is blazing fast.