If you are using lots of images in your game, I would suggest to compress your final atlases with https://tinypng.com/ before you submit the game. You could save up to 70%!!!! https://i.gyazo.com/834e92931d29cf2725adf6378f61d51e.png @TreySmith it would be wonderful to have this feature in BB2 by default. For example the latest Adobe Photoshop can compress images to PNG-8, it is similar to tinypng.com. I think your team can make it too. It will save billions and billions bytes for Bboxers and their customers!
This would reduce the size of your IPA/APK, which don't get me wrong, could be beneficial. It also may improve initial loading times. But generally speaking it has little to no effect on the performance of your game. If used to the extreme (by making even more atlases) it would actually make the performance of your game worse. The best way to improve performance is still to work at reducing the number of atlases in your game. This does not necessarily mean compromising your design. This is true whether you are using Buildbox or any other builder or game programming framework/SDK. The bottom line is when displayed on a device screen the graphics take no more or less memory (RAM) by converting your files to PNG-8.
I would not recommend to go this way. If you think 256 colors are enough, this might be a suitable way... Xcode automatically optimizes the png-24 images when compiling by byte-swapping and alpha-precalculation using pngcrush, unless disabled.