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Yeah, the following sentence in TFA is weird:

Transcoding does not mean compressing everything. Images, video, and fonts are usually compressed already.

It's because they're already lossily compressed that, precisely, they're the typical targets for transcoding.

EDIT: oops, wrote lossless instead of lossy, sorry about that

Additionally modern fonts are normally vector point data, no? So there's plenty of opportunity for shrinking file size by lossless compession. But I don't think that's what they're talking about here?

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