One reverb setting over most of the instruments gives more cohesion to the final song: it gives the feeling that the players are together in the same space - of course, there are more than one reverb in a song but most of the instruments will play through the same reverb. For this one a send is very useful compared with an insert. And you use one instance instead of 30-40 reverb inserts which regardless your computer, will add up CPU usage and you have to tweak 40 reverbs instead of just one (even loading preset takes time).

On the other hand, sometimes maybe you need a little volume just on the tail of the reverb but just for some elements, in this case you go either via a new send bus but place a compressor after, either as insert and place a compressor with a dry/wet setting.

As a rule of thumb, when the reverb is part of the sound itself you use it as insert, when reverb is used to position elements, you use the aux bus.

 

The "1:1 compression on the dry" is from the early plugin days, when plugin latency compensation was buggy and/or non-existent. I remember those days too, so I'm with you.
In analog you didn't/don't need to put a compressor on the dry source, since it's realtime. And today all DAWs have latency compensation (except Ableton Live, which I hear they still have issues with that - which is fucked up in the year 2017).

From the man himself (Bobby Owsinski):

 

Cool,thanks for the tip !