Yes, but on the other hand, my toast relation now needs (e.g.) 4x the amount of blocks it would have had when compression was enabled. So we have a net 0 storage savings, except that we now need to request 4x as many pages from the OS to get the full toast data, those pages taking up 4x as much space in Postgres' shared buffers, also evicting 4x as many pages from the buffers as it would have otherwise.

Unless your read operations to the file system are somehow very cheap, I don't think disabling toast compression is a good idea.