On MacOSX, I just hold u, and a menu appears, that allows me to select ü by just pressing 2. So I end up just doing u+2. With the huge advantage that I don't have to remember the combinations.
Similar for emojis and pretty much anything else you'd like to type as others have mentioned.
So the only question i have is: why? Really. Why would anyone go through the trouble of porting compose keys to macosx, when macosx native solution is so much better?
Time would be better spent on porting MacosX solution to Linux, Windows, et. al.