Bzip2 being slower than gzip, yes, it's also considerably slower than zstd. Yet zstd -19 produced a bigger (4.3M) file in about the same amount of time.
If I can remember correctly zstd = 0.2s, gzip = 0.8s, 7zip (PPMd) = 2.1s, bzip2 = 2.7s, lzip, xz, 7zip (lzma) = 15..16s. This is CPU time from memory, might not be fully accurate.
I'd say zstd and gzip is better suited for general use, while bzip2 and 7zip (PPMd) are better suited for high compression of text files.
If I can remember correctly zstd = 0.2s, gzip = 0.8s, 7zip (PPMd) = 2.1s, bzip2 = 2.7s, lzip, xz, 7zip (lzma) = 15..16s. This is CPU time from memory, might not be fully accurate.
I'd say zstd and gzip is better suited for general use, while bzip2 and 7zip (PPMd) are better suited for high compression of text files.