MFBINP RLE is not as sophisticated as the COBOL compression programs CBLDC001, etc, which are activated using the compress parameter. However, since it operates on the entire CSBIND message, it can compress areas that the compress option cannot. You can use it in place of COBOL compression or in addition to it, depending on your compression needs.
On fast networks, compression typically has no observable effect. On moderately slow networks, using only mfbinp-compress=rle will probably have the best results, unless your data areas contain double-byte characters, in which case you should use compress=003. On very slow networks, using both mfbinp-compress=rle and compress=001 (or 003) may be worthwhile.