Yes, it is still required to periodically execute the compress command in ArcGIS to remove non-referenced states of the geodatabase, even when all the objects are registered with the option to move edits to base.
When editing a class registered as versioned with the option to move edits to base, edit operations still generate states within the geodatabase for maintaining the delta changes for the edit operation. When the edit session is saved, the changes are then moved from the delta tables to the base tables, and the state no longer contains any modified versioned tables. But, the state and the states lineage remain in the geodatabase. Over time, based on the volume of editing occurring, the number of states and entries in the state lineages table can lead to performance degradation in the application; therefore, it is recommended to still periodically execute the compress command to delete states and their corresponding lineage entries.