I mean, look at it this way: Would you ever say "I don't need to know anything about how a compressor works... I just use my ears and that's good enough for me!"?
Sure, you COULD say this, and use a compressor and still make things that sound okay.. but you won't actually even know what you're doing besides "this knob makes it quieter somehow; this knob makes it punchier". Knowing *what* the threshold actually is, *what* the ratio is, etc is so valuable in helping you *use* a compressor! Basically, knowing what you're doing will only help you to use what tools you have available.
The trap of "music theory will restrict me" CAN be true, but only if that's your starting point and you become afraid to explore and branch out. If you're taught that I - IV - V - vi is a chord progression from the start, you will not understand how you can deviate from that. If you're already used to exploring and messing around, it can't hurt to learn what a I - IV - V - vi progression is so you can start to identify its use.