It actually has alot to do with the intake valve closing point ground into the cam as much as lift if you're talking compression.
'usable combustion pressure' doesn't take place until the intake closes and ignition happens. A dozen or so factors play a part in this,ICP,intake design,degrees of actual lift,and other factors,and 'usable combustion pressure' has a different EFFECT thru out the RPM range.
If your static compression ratio is to low for the desired ratio for a paticular cam then the actual fuel/air that is captured (at certain RPM's) will be low or less than 'optimum' for the power potential of the motor.
Other words the cylinders efficiency will be reduced to fill with the optimum volume and reduced power results.
Theoretically,,,the motor may still come close,,,at a certain RPM,,, but will suffer power loss outside that RPM,but sometimes this doesn't matter. This is a point that many argue,,,but trust me,either low RPM or high RPM performance will not be optimum thru out the 'desired' RPM operating area.
I'm talking along the lines of a race motor designed for maximum power thru out a certain RPM range,the round track guys can explain better than I can though,just my 2cents.