1

So one priv key express uncompressed and compressed pub key.

Does the latest Bitcoin Core client accepts importing it to express uncompressed address? or it automatically express compressed address?

I have not noticed related parameter for compression options in getnewaddress and importprivkey.

Is this because compressed addresses helps reduce transaction size?

4

You can import an old uncompressed key. It'll work fine. Getnewaddress always uses scripts with 'compressed' keys now. BIP-143 (segwit) style inputs also require compression.

The smaller key format results in smaller transactions, and where it's required and not just optional also simpler code.

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