This actually does. I used Python gzip to see how the minified would compress and came up with 157 bytes to JCOF's 134. Using the same mechanism to gzip the JCOF saves only 4 bytes. I'm actually rather impressed.
But because the Minecraft JSON is highly redundant, I also tried it on 84M of fake social graph data. `jcof` gave 44M, `gzip -9` gave 19M and `zstd` gave 18M.
In summary, neat idea, but you're maybe better off with `gzip` or `zstd` in the real world.
Provided that you don't run into the issue of one end only talking in language X, which does not have JCOF support due to there not being any libraries for it yet. In the GitHub repo, it seems like there is only the JavaScript reference implementation for now.
And now has updated data showing that sorting your keys lets `lzma` beat `jcof|lzma` at every level. The egress bill has been reduced! All rejoice!