Compressed ARC has been a thing in ZFS for a long time. So let's say you allow ZFS cache to take 50% of total memory. With 4x compress ratio from ZSTD, you will be able to cache 2x the total memory. It is amazing.
Unless your read operations to the file system are somehow very cheap, I don't think disabling toast compression is a good idea.
You don’t have to do anything. Toast compression is enabled for compatible types by default but never kicks in until a cell hits 2K bytes in size (by default).
No, postgres know better what to cache then arc.